tag:blogger.com,1999:blog-5713178645208582139.post1105114247117410997..comments2024-03-22T02:37:15.030-05:00Comments on Macro Musings Blog: More On the Importance of Nominal Spending ShocksDavid Beckworthhttp://www.blogger.com/profile/04577612979801459194noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-5713178645208582139.post-91036475040355906002009-08-06T09:53:25.832-05:002009-08-06T09:53:25.832-05:00Ok right I forgot about the Selgin norm. I did fin...Ok right I forgot about the Selgin norm. I did find one paper on testing nominal GDP targeting in a dynamic optimization model, and that was McCallum & Nelson, NBER wp6675. Unfortunately its gated so I cannot read beyond the abstract.ECBnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-52606356869163053272009-08-06T09:32:39.673-05:002009-08-06T09:32:39.673-05:00ECB:
I have alluded to George Selgin's Produc...ECB:<br /><br />I have alluded to George Selgin's Productivity Norm rule in the past. His rule would have nominal income grow at the expected growth rate of factor inputs. It would effectively stabilize input prices but give output price more flexibility. In other words, it would allow for productivity-driven deflation. <br /><br />I, however, have not seen it ever tested in dynamic David Beckworthhttps://www.blogger.com/profile/04577612979801459194noreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-25903250539334628322009-08-03T13:03:59.524-05:002009-08-03T13:03:59.524-05:00You may have already answered this question in a p...You may have already answered this question in a post in the past, but do you have a target value for nominal GDP growth, and what instrument(s) do you see the Fed using to hit it ? <br />Is there some kind of feedback rule we could use?ECBnoreply@blogger.com