All in the family: the close connection between nominal-GDP targeting and the Taylor Rule

Evan Koenig

Staff Papers, 2012, issue Mar

Abstract: The classic Taylor rule for adjusting the stance of monetary policy is formally a special case of nominal- gross-domestic-product (GDP) targeting. Suitably implemented, moreover, nominal-GDP targeting satisfies the definition of a \\"flexible inflation targeting\\" policy rule. However, nominal-GDP targeting would require more discipline from policymakers than some analysts think is realistic.

Keywords: Monetary; policy (search for similar items in EconPapers)
Date: 2012
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