What is a nominal anchor for the economy and what is the advantage of using a nominal
Question:
What is a nominal anchor for the economy and what is the advantage of using a nominal anchor in choosing a target variable to be fixed by a policy instrument? Explain why a nominal GDP growth rate rule and a Taylor Rule that places equal weight on inflation and output growth each has a nominal anchor. Finally, compare a Taylor Rule that places equal weight on inflation and output growth with one that places equal weight on inflation and the output ratio.
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A nominal anchor is a rule that sets a limit on the growth rate of a nominal variable such as highpo...View the full answer
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