Nominal Income Targeting versus Money Supply Targeting
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.
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Volume (Year): 39 (1992)
Issue (Month): 2 (May)
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