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The alleged instability of nominal income targeting

Author: Bennett T McCallum; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, [1997]
Series: Working paper series (National Bureau of Economic Research), working paper no. 6291.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: Recently it has been argued that a monetary policy of nominal income and targeting" would result in dynamically unstable processes for output and inflation. That results holds in a" theoretical model that includes backward-looking IS an Phillips curve relations rather special and theoretically unattractive. The present paper demonstrates that replacement of" the special Phillips curve with one of several  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Bennett T McCallum; National Bureau of Economic Research.
OCLC Number: 70068374
Notes: "November 1997."
Description: 1 online resource (15 pages).
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 6291.
Responsibility: Bennett T. McCallum.

Abstract:

Abstract: Recently it has been argued that a monetary policy of nominal income and targeting" would result in dynamically unstable processes for output and inflation. That results holds in a" theoretical model that includes backward-looking IS an Phillips curve relations rather special and theoretically unattractive. The present paper demonstrates that replacement of" the special Phillips curve with one of several more plausible specifications overturns the" instability result, whether or not the IS equation is replaced with a forward-looking version." Thus the instability result is quire fragile and therefore provides almost no basis for a negative" judgment regarding nominal income targeting.

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