Bullard, et al, on NGDP targeting
Lots of people (including James Bullard) have sent me a new paper by Costas Azariadis, James Bullard, Aarti Singh, and Jacek Suda. Here is the abstract: We study optimal monetary policy at the zero lower bound. The macroeconomy we study has considerable income inequality which gives rise to a large private sector credit market. Households […]