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    题名: Targeting Nominal Income versus Targeting Price Level: A Target Zone Perspective
    作者: 方中柔;Lai,Ching-Chong
    Fang,Chung-rou;Lai,Ching-chong
    贡献者: 政大經濟系
    关键词: Nominal income targeting;Price targeting;Stochastic processes;Target zones
    日期: 2002-12
    上传时间: 2009-01-09 12:15:50 (UTC+8)
    摘要: Based on a simple stochastic macro model, this paper first addresses the relative stabilizing
    performance between targeting nominal income and targeting money supply from the viewpoint of target zones. Similar to the conclusion found in Bean [Econ. J. 93 (1983) 803.] and in West [Econ. J. 96 (1986) 1077.], upon the shock of a change in commodity production, the elasticity of aggregate demand to real money balances is the crucial factor for the desirability of targeting nominal income. Second, comparing nominal income with price target zones, we find that, with the plausible parameter values, a price target zone policy is a better strategy for price stabilization. However, a nominal income target zone policy will be the better choice for output stabilization.
    關聯: International Review of Economics & Finance,11(4),229-249
    数据类型: article
    显示于类别:[經濟學系] 期刊論文

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