A comparative analysis of the stabilizing properties of nominal income growth targeting

A comparative analysis of the stabilizing properties of nominal income growth targeting

Given highly persistent cost-push shocks, the relative performance of nominal income growth targeting depends critically on the size of two key parameters. Barring extreme preferences, nominal income growth targeting performs fairly well relative to commitment and pure discretion for small values of...

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Veröffentlicht in:Economics letters 2007-05, Vol.95 (2), p.217-222
1. Verfasser: Guender, Alfred V.
Format: Artikel
Sprache:eng
Schlagworte:
Comparative analysis
Discretion
Economic growth
Income
Nominal income growth targeting
Phillips curve
Standard commitment
Timeless perspective
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Zusammenfassung:Given highly persistent cost-push shocks, the relative performance of nominal income growth targeting depends critically on the size of two key parameters. Barring extreme preferences, nominal income growth targeting performs fairly well relative to commitment and pure discretion for small values of the Phillips Curve parameter.
ISSN:0165-1765
1873-7374
DOI:10.1016/j.econlet.2006.10.006