Targeting Nominal Income Growth or Inflation?
在一个强调前瞻性行为的新凯恩斯模型中，比较了盯住名义收入增长与盯住通胀的优劣。当经济主要受不涉及货币政策权衡的冲击时，通胀目标更优；否则名义收入增长目标可能更好。
Within a simple New Keynesian model emphasizing forward-looking behavior of private agents, I evaluate optimal nominal income growth targeting versus optimal inflation targeting. When the economy is mainly subject to shocks that do not involve monetary policy trade-offs for society, inflation targeting is preferable. Otherwise, nominal income growth targeting may be superior because it induces inertial policy making, which improves the inflation–output-gap trade-off. Somewhat paradoxically, inflation targeting may be relatively less favorable the more society dislikes inflation, and the more persistent are the effects of inflation-generating shocks.