This paper studies fiscal policy in a model with nominal gross domestic product (GDP) targeting. We find that, with wage rigidity, nominal GDP targeting generates lower welfare losses than inflation targeting and a Taylor rule. On the other hand, adopting this regime makes standard fiscal policy rules, whereby distortionary tax rates are designed to respond to economic activity, dependent on the behavior of inflation instead. We also find that the fiscal multipliers with nominal GDP targeting are smaller than the multipliers under inflation targeting and the Taylor rule. Therefore, nominal GDP targeting does not necessarily outperform other monetary policy rules.

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关于名义 GDP 目标的财政观点

本文研究了以名义国内生产总值 (GDP) 为目标的模型中的财政政策。我们发现，在工资刚性的情况下，名义 GDP 目标产生的福利损失低于通胀目标和泰勒规则。另一方面，采用这种制度制定了标准的财政政策规则，扭曲的税率旨在对经济活动做出反应，而不是依赖于通货膨胀的行为。我们还发现，名义 GDP 目标下的财政乘数小于通胀目标和泰勒规则下的乘数。因此，名义 GDP 目标不一定优于其他货币政策规则。