Inflation Expectations and the Stability Properties of Nominal GDP Targeting
扩展Ball（1999）的小型封闭经济模型，发现引入更一般的混合预期过程后，名义GDP目标制不太可能导致不稳定，且不精确目标制可恢复稳定性。
Ball (1999) uses a small closed economy model to show that nominal GDP targeting can lead to instability. This paper extends Ball's model to uncover the role inflation expectations play in generating this instability. Allowing inflation expectations to be formed by the more general mixed expectations process, which encompasses Ball's model, we show that nominal GDP targeting is unlikely to lead to instability. We further show that in Ball's model where exact targeting causes instability that moving to inexact targeting restores stability.