Niurong as the target for NGDP targeting: Mario Draghi's nightmare?

Antoine Belgodere

MPRA Paper from University Library of Munich, Germany

Abstract: NGDP targeting is presented by some macroeconomists as a good practice for central banks. But what should be the target value? I propose a relevant measure: the Non Increasing Unemployment Rate Of Nominal Growth (NIURONG). I use NIURONG to show how difficult would have been for European Central Bank to implement a relevant monetary policy for each Euro Area country in front of post-2008 economic downturn.

Keywords: NDGP targeting; monetary policy; Optimal Currency Areas (search for similar items in EconPapers)
JEL-codes: E58 (search for similar items in EconPapers)
Date: 2011-11-20
New Economics Papers: this item is included in nep-cba, nep-eec, nep-mac and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:34871

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