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Niurong as the target for NGDP targeting: Mario Draghi's nightmare?

Belgodere, Antoine (2011): Niurong as the target for NGDP targeting: Mario Draghi's nightmare?

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Abstract

NGDP targeting is presented by some macroeconomists as a good practice for central banks. But what should be the target value? I propose a relevant measure: the Non Increasing Unemployment Rate Of Nominal Growth (NIURONG). I use NIURONG to show how difficult would have been for European Central Bank to implement a relevant monetary policy for each Euro Area country in front of post-2008 economic downturn.

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