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- W2011129269 abstract "Abstract. This paper considers the choice between nominal income and money supply targeting in an open economy with efficiency wages. The results show that, when real unemployment benefits are rigid, both nominal income and money supply targeting have the same stabilizing performance. On the contrary, if nominal unemployment benefits are rigid, then we come to a conclusion that either in the face of goods demand shocks or aggregate supply shocks, a sufficient condition for nominal income targeting to be preferable is that the income elasticity of money demand be less than unity." @default.
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- W2011129269 date "2002-10-01" @default.
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- W2011129269 title "Efficiency Wages and Nominal Income Targeting in an Open Economy" @default.
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- W2011129269 doi "https://doi.org/10.1111/1468-0106.00178" @default.
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