Nominal GDP targeting: Policy rule or discretionary splurge?

Bennett McCallum

Journal of Financial Stability, 2015, vol. 17, issue C, 76-80

Abstract: In a neo-canonical monetary policy model, targeting of nominal GDP in terms of growth rates (not growing levels) is analytically equivalent to adoption of a policy that is optimal from a “timeless perspective,” in the sense developed by Woodford and widely utilized in recent monetary policy analysis.

Keywords: Monetary policy; Nominal GDP; Growth rates (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (17)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finsta:v:17:y:2015:i:c:p:76-80

DOI: 10.1016/j.jfs.2014.12.004

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