| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20898 |
| 来源ID | Working Paper 20898 |
| Nominal GDP Targeting for Developing Countries | |
| Pranjul Bhandari; Jeffrey A. Frankel | |
| 发表日期 | 2015-02-02 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | The revival of interest in nominal GDP (NGDP) targeting has come in the context of large advanced economies. We consider the case for NGDP targeting for mid-sized developing countries, in light of their susceptibility to supply shocks and terms of trade shocks. For India, in particular, one major exogenous supply shock is the monsoon rains. NGDP targeting splits the impact of supply shocks automatically between inflation and real GDP growth. In the case of annual inflation targeting (IT), by contrast, the full impact of an adverse supply shock or terms of trade shock is felt as a loss in real GDP alone. NGDP targeting automatically accommodates supply shocks as most central banks with discretion would do anyway, while retaining the advantage of anchoring expectations as rules are designed to do. We outline a simple theoretical model and derive the condition under which an NGDP targeting regime would dominate other regimes such as annual IT for achieving objectives of output and price stability. We go on to estimate for the case of India the parameters needed to ascertain whether the condition holds, particularly the slope of the aggregate supply curve. Estimates suggest that the condition may indeed hold. |
| 主题 | Macroeconomics ; Monetary Policy ; International Economics ; International Macroeconomics |
| URL | https://www.nber.org/papers/w20898 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/578572 |
| 推荐引用方式 GB/T 7714 | Pranjul Bhandari,Jeffrey A. Frankel. Nominal GDP Targeting for Developing Countries. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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