This paper examines the welfare implications of a nominal GDP growth targeting rule, a nominal GDP level targeting rule, and inflation targeting regime in a New Keynesian model featuring positive trend inflation, two measures of welfare, and both high and low growth environments. The paper finds that (i) in general, nominal GDP growth targeting dominates other rules with changes in all dimensions; (ii) nominal GDP growth targeting framework is superior to the level targeting regime for most scenarios; (iii) inflation targeting is preferred to nominal GDP level targeting regime, but to minimize short-run fluctuations, the latter is advantageous; (iv) nominal GDP level targeting may be desirable only in a low growth environment with both low inflation indexation and consumption equivalence criteria. The simulation results provide solid evidence to policy makers on the desirability of nominal GDP growth targeting.

本文在新凯恩斯主义模型中检验了名义 GDP 增长目标规则、名义 GDP 水平目标规则和通胀目标机制对福利的影响，该模型具有正趋势通胀、两种福利衡量标准以及高低增长环境。论文发现（i）总体上，名义GDP增长目标主导了其他规则，所有维度都发生了变化；(ii) 在大多数情况下，名义 GDP 增长目标框架优于水平目标机制；(iii) 通胀目标制优于名义 GDP 水平目标制，但为了尽量减少短期波动，后者是有利的；(iv) 只有在低通胀指数化和消费等价标准的低增长环境中，才可能需要以名义 GDP 水平为目标。