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Nominal GDP : Target or Benchmark?, No. 15-04

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Nominal GDP : Target or Benchmark?, No. 15-04

DATE: April 2015

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ABSTRACT: Some observers have argued that the Federal Reserve would best fulfill its mandate by adopting a target for nominal gross domestic product (GDP). Insights from the monetarist tradition suggest that nominal GDP targeting could be destabilizing. However, adopting benchmarks for both nominal and real GDP could offer useful information about when monetary policy is too tight or too loose.

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Hetzel, Robert L. and Federal Reserve Bank of Richmond. "Nominal GDP : Target or Benchmark?, No. 15-04," Economic Brief (April 2015). https://fraser.stlouisfed.org/title/6034/item/583935, accessed on May 28, 2023.

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