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Nominal GDP Targeting and the Monetary Policy Framework

Author

Listed:
  • Christopher Loewald
  • Shakill Hassan

Abstract

A nominal income target may provide credibility to a commitment to keep real interest rates exceptionally low, until a target output level is reached -–even if expected inflation rises in the interim–- in economies where nominal interest rates are effectively at the zero lower bound, which is not the South African case. There are practical […]

Suggested Citation

  • Christopher Loewald & Shakill Hassan, 2013. "Nominal GDP Targeting and the Monetary Policy Framework," Working Papers 392, Economic Research Southern Africa.
    • Handle: RePEc:rza:wpaper:392
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    File URL: https://econrsa.org/wp-content/uploads/2022/06/working_paper_392.pdf
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    Cited by:

    1. Channing Arndt & Chris Loewald & Konstantin Makrelov, 2020. "Climate change and its implications for central banks in emerging and developing economies," Working Papers 10001, South African Reserve Bank.

    More about this item

    Keywords

    Growth; Inflation targeting; Monetary Policy;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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