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Nominal Income Targeting versus Money Supply Targeting

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  • Asako, Kazumi
  • Wagner, Helmut

Abstract

By emphasizing the effect of forward-looking price expectations on aggregate demand, the authors investigate the relative performances of two rule policies, i.e., money supply targeting and nominal income targeting. Unlike earlier conclusions reached by C. Bean (1983) and K. D. West (1986), the authors' rather extensive examinations indicate that, in general, there is no simple condition under which one rule policy is universally favored over the other. Copyright 1992 by Scottish Economic Society.

Suggested Citation

  • Asako, Kazumi & Wagner, Helmut, 1992. "Nominal Income Targeting versus Money Supply Targeting," Scottish Journal of Political Economy, Scottish Economic Society, vol. 39(2), pages 167-187, May.
  • Handle: RePEc:bla:scotjp:v:39:y:1992:i:2:p:167-87
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    Cited by:

    1. Robert E. Hall & N. Gregory Mankiw, 1994. "Nominal Income Targeting," NBER Chapters,in: Monetary Policy, pages 71-94 National Bureau of Economic Research, Inc.
    2. Guender, Alfred V & McCaw, Sharon, 2001. "The Role of Openness in the Debate on Rules vs. Discretion: A Simple Exposition," Australian Economic Papers, Wiley Blackwell, vol. 40(1), pages 91-110, March.
    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. Henderson, Dale W. & McKibbin, Warwick J., 1993. "A comparison of some basic monetary policy regimes for open economies: implications of different degrees of instrument adjustment and wage persistence," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 221-317, December.
    5. Timonen, Jouni, 1995. "Nominal income as an intermediate target for monetary policy," Research Discussion Papers 21/1995, Bank of Finland.

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