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

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.

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Year of publication:	2012
Authors:	Koenig, Evan F.
Published in:	Staff Papers. - Federal Reserve Bank of Dallas. - 2012, Mar, 17
Publisher:	Federal Reserve Bank of Dallas
Subject:	Monetary policy

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Extent:	application/pdf
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010723111