A “WORKING” SOLUTION TO THE QUESTION OF NOMINAL GDP TARGETING

Michael T. Belongia · Peter N. Ireland

54 citations0/0 files storedMacroeconomic Dynamics

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Monetary Policy and Economic Impact Economic Theory and Policy Economic theories and models

Abstract

Although a number of economists have tried to revive the idea of nominal GDP targeting since the financial crisis of 2008, very little has been said about how this objective might be achieved in practice. This paper adopts and extends a strategy first outlined by Holbrook Working and later employed in the P-Star model. It presents a series of theoretical and empirical results to argue that Divisia monetary aggregates can be controlled by the Federal Reserve and that the trend velocities of these aggregates exhibit the stability required to make long-run targeting of a nominal objective feasible.

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References

1993Discretion versus policy rules in practice 1997Postwar U.S. Business Cycles: An Empirical Investigation 1995The Role of Monetary Policy 2017A Monetary History of the United States, 1867-1960 1964A Monetary History of the United States 1867-1960 1964A Monetary History of the United States, 1867-1960 1999Forecasting inflation 2013Handbook of Economic Forecasting

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