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All in the family: the close connection between nominal-GDP targeting and the Taylor Rule

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  • Evan F. Koenig

Abstract

The 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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File URL: http://www.dallasfed.org/assets/documents/research/staff/staff1202.pdf
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Article provided by Federal Reserve Bank of Dallas in its journal Staff Papers.

Volume (Year): (2012)
Issue (Month): Mar ()
Pages:

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Handle: RePEc:fip:feddst:y:2012:i:mar:n:17

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Keywords: Monetary policy;

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  1. 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.
  2. Evan F. Koenig, 1995. "Targeting nominal income: a closer look," Working Papers 9518, Federal Reserve Bank of Dallas.
  3. Bennett T. McCallum, . "The Alleged Instability of Nominal Income Targeting," GSIA Working Papers 1998-20, Carnegie Mellon University, Tepper School of Business.
  4. 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.
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