Nominal Income Targeting versus Money Supply Targeting
AbstractBy emphasizing the effect of forward-looking price expectations on aggregate demand, the authors investigate the relative performances of two rule policies, i.e., money supply targeting and nominal income targeting. Unlike earlier conclusions reached by C. Bean (1983) and K. D. West (1986), the authors' rather extensive examinations indicate that, in general, there is no simple condition under which one rule policy is universally favored over the other. Copyright 1992 by Scottish Economic Society.
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Bibliographic InfoArticle provided by Scottish Economic Society in its journal Scottish Journal of Political Economy.
Volume (Year): 39 (1992)
Issue (Month): 2 (May)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0036-9292
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- Robert E. Hall & N. Gregory Mankiw, 1994.
"Nominal Income Targeting,"
NBER Working Papers
4439, National Bureau of Economic Research, Inc.
- Hall, R.E. & Mankiw, N.G., 1993. "Nominal Income Targeting," Harvard Institute of Economic Research Working Papers 1650, Harvard - Institute of Economic Research.
- Fang, Chung-rou & Lai, Ching-chong, 2002. "Targeting nominal income versus targeting price level: A target zone perspective," International Review of Economics & Finance, Elsevier, vol. 11(3), pages 229-249.
- Dale W. Henderson & Warwick J. McKibbin, 1993.
"A comparison of some basic monetary policy regimes for open economies: implications of different degrees of instrument adjustment and wage persistence,"
International Finance Discussion Papers
458, Board of Governors of the Federal Reserve System (U.S.).
- Henderson, Dale W. & McKibbin, Warwick J., 1993. "A comparison of some basic monetary policy regimes for open economies: implications of different degrees of instrument adjustment and wage persistence," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 221-317, December.
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