Freitag, 23. September 2011

NGDP-Targeting vs. Inflation-Targeting

Scott Sumner argumentiert in einem längeren Text in National Affairs für die Vorzüge eines Ziels für das nominale Wachstum des BIP gegenüber einem Inflationsziel für die Zentralbank.
"Nominal GDP targeting is, of course, not the only possible solution to the problems bedeviling monetary policy today. But the solution that offers the most economically plausible alternative — a higher inflation target, between 3% and 4% — is not politically viable. Nominal GDP targeting, on the other hand, offers both a politically and economically sensible alternative, which would be far better equipped to advance stable growth, to overcome the politics of inflation, and to help the Fed avoid discrediting itself. It offers a single target that effectively combines both facets of the Fed's dual mandate, and so should be attractive to those on both the left and the right who argue that the requirement to simultaneously address inflation and unemployment makes it impossible for the Fed to tackle either very well."

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