A fiscal perspective on nominal GDP targeting
研究了工资刚性下名义GDP目标制对财政政策的影响，发现其福利损失低于通胀目标制和泰勒规则，但财政乘数更小，且标准财政规则需依赖通胀行为。
Abstract This paper studies fiscal policy in a model with nominal gross domestic product (GDP) targeting. We find that, with wage rigidity, nominal GDP targeting generates lower welfare losses than inflation targeting and a Taylor rule. On the other hand, adopting this regime makes standard fiscal policy rules, whereby distortionary tax rates are designed to respond to economic activity, dependent on the behavior of inflation instead. We also find that the fiscal multipliers with nominal GDP targeting are smaller than the multipliers under inflation targeting and the Taylor rule. Therefore, nominal GDP targeting does not necessarily outperform other monetary policy rules.