All in the family: the close connection between nominal-GDP targeting and the Taylor Rule

Abstract

The classic Taylor rule for adjusting the stance of monetary policy is formally a special case of nominal- gross-domestic-product (GDP) targeting. Suitably implemented, moreover, nominal-GDP targeting satisfies the definition of a \\\\"flexible inflation targeting\\\\" policy rule. However, nominal-GDP targeting would require more discipline from policymakers than some analysts think is realistic.

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