Nominal GDP Level Targeting

Steve Ambler
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Steve Ambler: University of Quebec in Montreal, C.D. Howe Institute

No 20-10, Working Papers from Chair in macroeconomics and forecasting, University of Quebec in Montreal's School of Management

Abstract: We consider the pros (and a few of the cons) of a monetary policy framework in which the principal goal is the targeting of a path for nominal GDP. We argue that it could lead to a significant improvement in economic performance over the current inflation targeting framework. It is more robust in the face of aggregate supply shocks and when it is difficult to identify the different shocks that are hitting the economy. It also provides a way of effectively providing economic stimulus in periods of recession or crisis.

Pages: 37 pages
Date: 2020-05
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Citations: View citations in EconPapers (1)

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