Sobre el ingreso nominal como meta intermedia de la política monetaria

Abstract

This paper presents a selective survey of the literature on nominal income as an intermediate target of monetary policy. In the first part, the effects of demand and supply shocks are considered using simple macroeconomic rational expectations models. It is found that a nominal income target is better than a constant money supply rule in the case of supply shocks. In the last part of the paper a dynamic analysis is done using adaptative expectations. The results obtained show that the nominal income rule has superior dynamic properties compared with the constant money supply rule.