A Comparative Analysis of the Stabilizing Properties of Nominal Income Growth Targeting
AbstractGiven highly persistent cost-push shocks, the relative performance of nominal income growth targeting depends critically on the size of two key parameters. Barring extreme preferences, nominal income growth targeting performs fairly well relative to commitment and pure discretion for small values of the Phillips Curve parameter.
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Bibliographic InfoPaper provided by University of Canterbury, Department of Economics and Finance in its series Working Papers in Economics with number 06/15.
Length: 10 pages
Date of creation: 01 Oct 2006
Date of revision:
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More information through EDIRC
Nominal Income Growth Targeting; Timeless Perspective; Discretion; Standard Commitment;
Other versions of this item:
- Guender, Alfred V., 2007. "A comparative analysis of the stabilizing properties of nominal income growth targeting," Economics Letters, Elsevier, vol. 95(2), pages 217-222, May.
- E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-01-14 (All new papers)
- NEP-CBA-2007-01-14 (Central Banking)
- NEP-MAC-2007-01-14 (Macroeconomics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- Richard Clarida & Jordi Galí & Mark Gertler, 1997. "The science of monetary policy: A new Keynesian perspective," Economics Working Papers 356, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 1999.
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7915, National Bureau of Economic Research, Inc.
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- McCallum, Bennett T & Nelson, Edward, 2001. "Timeless Perspective Vs Discretionary Monetary Policy in Forward-Looking Models," CEPR Discussion Papers 2752, C.E.P.R. Discussion Papers.
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