NGDP target is approx. optimal (precisely so, under log utility) when agents know local economic conditions but not aggregate conditions 2/
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Hvala. Twitter će to iskoristiti za poboljšanje vaše vremenske crte. PoništiPoništi
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You might be interested in the experience of Argentina 2018. There were supply side shocks (drought + strong adjustments in energy prices) which encountered a central bank pursuing inflation targeting (IT). As your model I think suggests, IT was soon abandoned (c) -
The view in Central Bank now is targeting money aggregates, not nominal income. I think this is related to the pervasive importance of nominal exchange rate in Argentina, something which as far as I understand doesn’t have a clear counterpart in your model.
Kraj razgovora
Novi razgovor -
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Well done!
Hvala. Twitter će to iskoristiti za poboljšanje vaše vremenske crte. PoništiPoništi
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