search query: @indexterm Monetary Policy / total: 1108
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| Author: | Mitra, K. |
| Title: | Desirability of nominal GDP targeting under adaptive learning |
| Journal: | Journal of Money, Credit and Banking
2003 : APR, VOL. 35:2, p. 197-220 |
| Index terms: | Gross national product Learning Monetary policy |
| Language: | eng |
| Abstract: | Number of authors have advocated nominal GDP targeting since it produces relative stability to inflation and output. All the papers assume rational expectations on the part of private agents. The author of this article provides an analysis of this assumption. Stability under recursive learning is used as a criterion for evaluating nominal GDP targeting in the context of a model with explicit micro-foundations which is currently the workhorse for the analysis of monetary policy. |
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