All in the family: the close connection between nominal-GDP targeting and the Taylor Rule
AbstractThe classic Taylor rule for adjusting the stance of monetary policy is formally a special case of nominal- gross-domestic-product (GDP) targeting. Suitably implemented, moreover, nominal-GDP targeting satisfies the definition of a "flexible inflation targeting" policy rule. However, nominal-GDP targeting would require more discipline from policymakers than some analysts think is realistic.
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Bibliographic InfoArticle provided by Federal Reserve Bank of Dallas in its journal Staff Papers.
Volume (Year): (2012)
Issue (Month): Mar ()
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- Dennis, Richard, 2001. "Inflation Expectations and the Stability Properties of Nominal GDP Targeting," Economic Journal, Royal Economic Society, vol. 111(468), pages 103-13, January.
- Evan F. Koenig, 1995.
"Targeting nominal income: a closer look,"
95-18, Federal Reserve Bank of Dallas.
- Matthias Doepke & Martin Schneider, 2006. "Inflation and the Redistribution of Nominal Wealth," Journal of Political Economy, University of Chicago Press, vol. 114(6), pages 1069-1097, December.
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