Targeting Nominal Income Growth or Inflation?
Targeting Nominal Income Growth or Inflation?
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目标是名义收入增长还是通货膨胀？
DOI：
10.2139/ssrn.208108
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发表时间：
1999
期刊：
影响因子：
--
通讯作者：
H. Jensen
中科院分区：
文献类型：
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作者：
H. Jensen
在一个强调私人机构前瞻性行为的简单新凯恩斯主义模型中，我评估了最优名义收入增长目标与最优通胀目标。当所考虑的经济主要受到不涉及社会货币政策权衡的冲击时，通货膨胀目标制更可取。否则，名义收入增长目标可能更为优越，因为它会引发惯性利率行为，从而改善通胀与产出缺口的权衡。有点矛盾的是，社会越关心通胀，通胀目标制就越不有利，通胀冲击的影响也越持久。
Within a simple New Keynesian model emphasizing forward-looking behaviour of private agents, I evaluate optimal nominal income growth targeting versus optimal inflation targeting. When the economy under consideration 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 interest rate behaviour that improves the inflation-output gap trade-off. Somewhat paradoxically, inflation targeting is relatively less favourable the more society cares for inflation, and the more persistent are the effects of inflation-generating shocks.