هدفگذاری درآمد اسمی در یک مدل بهینه سازی در گسترش اقتصاد
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|47573||1999||26 صفحه PDF||سفارش دهید||10186 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Journal of Monetary Economics, Volume 43, Issue 3, June 1999, Pages 553–578
This paper presents simulation results regarding the performance of nominal income targeting, a monetary policy rule that sets interest rates in response to deviations of nominal GDP growth from a target path. The macroeconomic model is one in which agents solve dynamic optimization problems with rational expectations, but in an environment with slow price adjustments. In the present version, consumption choices reflect habit formation and the economy is open to international flows of goods and securities. When calibrated to quarterly US data, the model's results suggest that nominal income targeting performs well, in relation to inflation targeting and Taylor rules.