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Instability Under Nominal GDP Targeting: the Role of Expectations

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Author Info

  • Dennis, R.

Abstract

Using a small closed economy model Ball (1987) showed that nominal GDP targeting can lead to instability. This paper extends Ball ; s model to uncover the role inflation expectations play in generating this instability.

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Bibliographic Info

Paper provided by Australian National University - Department of Economics in its series Papers with number 347.

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Length: 32 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:fth:aunaec:347

Contact details of provider:
Postal: THE AUSTRALIAN NATIONAL UNIVERSITY, DEPARTMENT OF ECONOMICS, RESEARCH SCHOOL of PACIFIC STUDIES, RESEARCH SCHOOL OF SOCIAL SCIENCES, G.P.O. 4, CANBERRA ACT 2601 AUSTRALIA..O. BOX 4 CANBERRA 2601 AUSTRALIA.
Web page: http://economics.anu.edu.au/economics.htm
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Related research

Keywords: INFLATION ; ECONOMIC MODELS ; EXPECTATIONS;

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Cited by:
  1. Svensson, Lars E. O., 1999. "Inflation targeting as a monetary policy rule," Journal of Monetary Economics, Elsevier, vol. 43(3), pages 607-654, June.
  2. McCallum, B.T. & Nelson, E., 1998. "Nominal Income Targeting in an Open-Economy Optimizing Model," Papers 644, Stockholm - International Economic Studies.
  3. Glenn D. Rudebusch & Lars E.O. Svensson, 1999. "Eurosystem monetary targeting: lessons from U.S. data," Working Paper Series 99-13, Federal Reserve Bank of San Francisco.

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