Download or read book Monetary Equilibrium and Nominal Income Targeting written by Nicolás Cachanosky and published by Routledge. This book was released on 2018-06-27 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the case of nominal income targeting as a monetary policy rule. In recent years the most well-known nominal income targeting rule has been NGDP (level) Targeting, associated with a group of economists referred to as market monetarists (Scott Sumner, David Beckworth, and Lars Christensen among others). Nominal income targeting, though not new in monetary theory, was relegated in economic theory following the Keynesian revolution, up until the financial crisis of 2008, when it began to receive renewed attention. This book fills a gap in the literature available to researchers, academics, and policy makers on the benefits of nominal income targeting against alternative monetary rules. It starts with the theoretical foundations of monetary equilibrium. With this foundation laid, it then deals with nominal income targeting as a monetary policy rule. What are the differences between NGDP Targeting and Hayek’s rule? How do these rules stand up against other monetary rules like inflation targeting, the Taylor rule, or Friedman’s k-percent? Nominal income targeting is a rule which is better equipped to avoid monetary disequilibrium when there is no inflation. Therefore, a book that explores the theoretical foundation of nominal income targeting, comparing it with other monetary rules, using the 2008 crisis to assess it and laying out monetary policy reforms towards a nominal income targeting rule will be timely and of interest to both academics and policy makers.

Download or read book Nominal Income Targeting written by Robert Ernest Hall and published by . This book was released on 1993 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses nominal income targeting as a possible rule for the conduct of monetary policy. We begin by discussing why a rule for monetary policy may be desirable and the characteristics that a good rule should have. We emphasize, in particular, three types of nominal income targets, which differ in how they respond to past shocks, to prices, and real economic activity. A key question is how any of these rules might be implemented in practice. We suggest that the consensus forecast of future nominal income could playa role in ensuring that the central bank does not deviate from its announced target. To show how economic performance might have differed historically if the Fed had been committed to some type of nominal income target, we offer simulations of a simple model of the economy. According to the simulations, the primary benefit of nominal income targeting would have been reduced volatility in the price level and the inflation rate. Whether real economic activity would have been less volatile is unclear.

Download or read book Nominal Income as an Intermediate Target for Monetary Policy written by Jouni Timonen and published by . This book was released on 1995 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tiivistelmä.

Download or read book Nominal Income Targeting written by Mr.Victor E. Argy and published by International Monetary Fund. This book was released on 1991-10-01 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper evaluates the proposal that government authorities ought to target nominal income. It begins by viewing the literature in some detail. It then undertakes a theoretical analysis of the proposal first for the small country and next for the large country. There is then a general discussion of various issues posed by nominal income targeting. Finally, the paper summarizes the empirical work to date. We show that traditional theoretical analysis tends to be too simple and overly biased in favor of nominal income targeting. When more realistic assumptions are made or econometric simulations are undertaken the case for nominal income targeting is substantially weakened but not, however, destroyed.

Download or read book Nominal Income Targeting in an Open economy Optimizing Model written by Bennett T. McCallum and published by . This book was released on 1998 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Credible Monetary Policy When Output is Persistent written by Sang-Kun Bae and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Distortions introduced by targeting nominal income growth, or an exchange rate peg, in the trade-off between inflation and output in the stabilization of shocks to supply and terms of trade cannot be eliminated simultaneously. If supply shocks are optimally stabilized, targeting an exchange rate peg yields relatively less bias in shocks to the terms of trade if the economy is relatively open. Optimal degree of conservativeness depends on shock selected for stabilization and on policy regime. Targeting a weighted sum of change in real exchange rate and nominal income growth is shown to replicate the optimal equilibrium without resort to a state-contingent rule.

Download or read book Money Supply Targeting Versus Nominal Income Targeting written by Norbert Funke and published by . This book was released on 1991 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Inflation Targeting and Nominal Income Growth Targeting written by Jinill Kim and published by . This book was released on 2002 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Nominal Income Targeting Versus Money Growth Targeting in an Endogenously Growing Economy written by Ming-fu Shaw and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book On Optimal Stabilization Policy and Nominal Income Targets in an Open Economy written by George S. Alogoskoufis and published by . This book was released on 1987 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Issues Concerning Nominal Anchors for Monetary Policy written by Mr.Robert P. Flood and published by International Monetary Fund. This book was released on 1994-05-01 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a selective survey of issues relevant to the choice of nominal anchors for monetary policy. Section I reviews long price-level histories for the United Kingdom and United States, which reveal that the price level behaved very differently following WWII in these countries than it had done in previous post-war experiences. In particular following WWII the responsibilities of monetary policy expanded to encompass a business- cycle stabilization role and the nominal anchor shifted from the fixed anchor or price-level stability to the moving anchor of inflation-rate stability. The remaining sections of the paper review some of the considerations that are relevant to setting the average inflation rate in countries without a fixed nominal anchor.

Download or read book Nominal Income Targeting in an Open economy Optimizing Market written by Bennett T. McCallum and published by . This book was released on 1998 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Monetary Nominal Income and Exchange Rate Targets in a Small Open Economy written by George Alogoskoufis and published by . This book was released on 1985 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Nominal Income Targeting Versus Strict Inflation Targeting written by Alfred V. Guender and published by . This book was released on 1999 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Nominal Income Targeting written by Victor Argy and published by . This book was released on 1991 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Nominal Income Targeting written by Victor E. Argy and published by . This book was released on 1991 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Nominal Income Targeting written by Victor Argy and published by . This book was released on 1991 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: