Targeting Nominal Income in a Dynamic Model
在一个完美预见规划模型中分析货币政策规则的选择，比较固定货币增长与固定名义收入增长两种规则，指出选择取决于经济冲击的分布。
The author analyzes the choice of monetary policy rule in a perfect-foresight-planning model. Maximizing agents plan their lifetime consumption decisions in the face of two rigidities. First, households hold money to aid trade. Second, today's price level is inherited from past contracting decisions so that changes in nominal aggregate demand fall on output in the short run. Given these rigidities, the central bank can set real balances in the short run and the author compares two mu = percent rules. His theoretical results suggest that the choice between fixed-money-growth and fixed-nominal-income-growth rules is an empirical assessment that depends on the distribution of shocks to the economy. Copyright 1990 by Ohio State University Press.