Nominal GDP Targeting
“Should the Fed Be Constrained?” forthcoming, Cato Journal, 39, no.2, Spring/summer, 2019. Proofs. HKS RWP 19-003, Dec. 2018. Session on “Should the Fed Be Subject to a Monetary Rule?” Monetary Policy 10 Years After the Crisis, 36th Annual Monetary Conference, Cato Institute, November 15, 2018. Ppt 10 slides; Ppt 3 slides.
“Nominal GDP Targeting for Developing Countries,” [word] with Pranjul Bhandari, 2017, Research in Economics (Elsevier), vol.71, issue 3, September, pp. 491-506. Uncorrected page proofs. NBER WP 20898. Revised from “The Best of Rules and Discretion: A Case for Nominal GDP Targeting in India,” Harvard Kennedy School, CID WP No. 284.
"Nominal GDP Targeting for Middle-Income Countries," Central Bank Review, vol.14, no.3, September 2014 (Central Bank of the Republic of Turkey), pp.1-14. HKS RWP 14-033, July.
Summaries: "Emerging Market Target Practice," Project Syndicate; "Developing Countries Should Target Nominal GDP," The Guardian, June 24, 2014. Extended version: "Nominal GDP Targeting for Developing Countries," VoxEU, Aug.21, 2014.
“Nominal-GDP Targets, Without Losing the Inflation Anchor,” in Richard Baldwin & Lucrezia Reichlin, eds., Is Inflation Targeting Dead: Central Banking After the Crisis (Centre for Economic Policy Research: London, 2013), 90-94.
"The Stabilizing Properties of a Nominal GNP Rule" Journal of Money, Credit and Banking 27, no. 2, May 1995, 318-334. Reprinted in Financial Markets and Monetary Policy (MIT Press), 1995.
"A Two-Country Analysis of International Targeting of Nominal GNP," with Norbert Funke, Rivista di Politica Economica 83, no.3, April 1993, 69-106 (Rome, in English & Italian). Reprinted in volume edited by B.Baldassari, M. Di Mateo and R. Mundell (St.Martin's Press, NY), 1994.
"International Nominal Targeting (INT): A Proposal for Monetary Policy Coordination in the 1990s," The World Economy, 13, no.2, June 1990 (United Kingdom), 263-273.
"International Nominal Targeting (INT): A Proposal for Overcoming Obstacles to Policy Coordination," Rivista di Politica Economica, 79, 12 (Rome), Dec.1989, 257-94; and in M. Baldassarri, J.McCallum & R.Mundell, eds., Global Disequilibrium in the World Economy, 1992 (Macmillan Press, UK, & St.Martin's Press, NY).