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Nominal Income Targeting in an Open-Economy Optimizing Model Author info | Abstract | Publisher info | Download info | Related research | Statistics McCallum, B.T.
Nelson, E.
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The purpose of this paper is to examine the merits of monetary policy rules that utilize as their principal target variable the level or growth rate of some aggregate reasure of nominal spending, such as nominal GDP, rather than a monetary aggregate or an index of inflation (either alone or in combination with some measure of the output gap). Because there is a large and rich literature on nominal income targeting, (briefly, NIT), we begin in Section 2 with a short review of existing arguments in its favor. Then in Section # we present some evidence which suggests that NIT is in effect utilized in practice in the United States.
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Paper provided by Stockholm - International Economic Studies in its series Papers with number
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Date of creation: 1998Date of revision:
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Keywords: MONETARY POLICY ; GROSS DOMESTIC PRODUCT ; INFLATION ; UNITED STATES STOCKHOLM SWEDEN. 37p. ; Other versions of this item:
Article Paper Bennett T. McCallum & Edward Nelson, 2000.
"Nominal Income Targeting in an Open-Economy Optimizing Model ,"
NBER Working Papers
6675, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) McCallum, Bennett T. & Nelson, Edward, 1998.
"Nominal Income Targeting in an Open-Economy Optimizing Model ,"
Seminar Papers
644, Stockholm University, Institute for International Economic Studies.
[Downloadable!] Find related papers by JEL classification: E20 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data) E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
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