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On the desirability of nominal GDP targeting

机译：关于名义GDP目标的可取性

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摘要

This paper evaluates the welfare properties of nominal GDP targeting in the context of a New Keynesian model with both price and wage rigidity. In particular, we compare nominal GDP targeting to inflation and output gap targeting as well as to a conventional Taylor rule. These comparisons are made on the basis of welfare losses relative to a hypothetical equilibrium with flexible prices and wages. Output gap targeting is the most desirable of the rules under consideration, but nominal GDP targeting performs almost as well. Nominal GDP targeting is associated with smaller welfare losses than a Taylor rule and significantly outperforms inflation targeting. Relative to inflation targeting and a Taylor rule, nominal GDP targeting performs best conditional on supply shocks and when wages are sticky relative to prices. Nominal GDP targeting may outperform output gap targeting if the gap is observed with noise, and has more desirable properties related to equilibrium determinacy than does gap targeting. (C) 2016 Elsevier B.V. All rights reserved.
机译：本文在具有价格和工资刚性的新凯恩斯模型的背景下，对名义GDP目标的福利性质进行了评估。特别是，我们将名义GDP目标与通胀和产出缺口目标以及传统的泰勒规则进行了比较。这些比较是基于相对于具有灵活的价格和工资的假设均衡的福利损失进行的。产出缺口目标是正在考虑的规则中最可取的，但是名义GDP目标也几乎可以实现。与泰勒规则相比，名义GDP目标与较小的福利损失相关，并且大大优于通胀目标。相对于通货膨胀目标和泰勒规则，名义GDP目标在供应冲击和工资相对价格具有粘性的情况下表现最佳。如果用噪声观察到名义GDP目标可能会超过产出缺口目标，并且与缺口目标相比，它具有与均衡确定性相关的更理想的属性。 （C）2016 Elsevier B.V.保留所有权利。

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