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Nominal GNP: an anchor for monetary policy?

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  • George A. Kahn

Abstract

Nominal GNP has some theoretical appeal as a guide for monetary policy. Its principal strength is that it would prevent policy from drifting away from the long-run goal of price stability. However, whether policymakers can translate this theoretical appeal into an actual policy that improves economic performance is an open question.

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File URL: http://www.kansascityfed.org/PUBLICAT/ECONREV/EconRevArchive/1988/4q82kahn.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of Kansas City in its journal Economic Review.

Volume (Year): (1988)
Issue (Month): Nov ()
Pages: 18-35

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Handle: RePEc:fip:fedker:y:1988:i:nov:p:18-35:n:v.73no.9

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Keywords: Gross national product ; Monetary policy;

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Cited by:
  1. Marilyne Huchet-Bourdon, 2003. "Does single monetary policy have asymmetric real effects in EMU ?," Post-Print halshs-00143785, HAL.
  2. Michael D. Bradley & Dennis W. Jansen, 1989. "Understanding nominal GNP targeting," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 31-40.
  3. 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.
  4. Issing, Otmar, 2013. "A new paradigm for monetary policy?," CFS Working Paper Series 2013/02, Center for Financial Studies (CFS).
  5. George A. Kahn & Robert Hampton, Jr., 1990. "Possible monetary policy responses to the Iraqi oil shock," Economic Review, Federal Reserve Bank of Kansas City, issue Nov, pages 19-32.

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