Gaining Credibility for Inflation Targets
نویسندگان
چکیده
منابع مشابه
Credibility and Targeting Expected Inflation
This paper evaluates inflation targeting in the context of recent theoretical developments concerning the issue of creditability. The first part of the paper argues that the problems of operational and political credibility inherent in a reputation based inflation targeting policy would be avoided by a rule based inflation expectation targeting policy. The second part of the paper demonstrates ...
متن کاملEfficient Inflation Targets for
What are good inflation targets and by what instrument rules can they be reached? We examine the selection of targets and instruments, in competitive exchange economies with lifecycle consumers facing uninsurable idiosyncratic income risks, by a benevolent monetary authority that seeks to eliminate indeterminacy, thicken asset markets, and influence the choices of an impatient fiscal authority....
متن کاملInflation Targets and Inflation Targeting
There is widespread agreement that price stability (in practice, low and stable inflation) should be an objective of monetary policy. This agreement is reflected both in the mandates set for monetary policy by governments and in the practice of central banks. Several other important questions about the objectives for monetary policy are less settled: Should there be other objectives? If there a...
متن کاملHistorical U.S. Money Growth, Inflation, and Inflation Credibility
and quantity indexes are calculated separately for components of GDP and therefore the difference between nominal GDP and real GDP growth is only approximately equal to the change in the GDP price index. With fixed-weights, the GDP deflator is defined as the ratio of nominal to real GDP and hence the gap between nominal and real GDP growth rates is precisely equal to the growth rate in the GDP ...
متن کاملInflation Targets, Credibility, and Persistence In a Simple Sticky-Price Framework
This paper presents a re-formulated version of a canonical sticky-price model that has been extended to account for variations over time in the central bank’s inflation target. We derive a closed-form solution for the model, and analyze its properties under various parameter values. The model is used to explore topics relating to the effects of disinflationary monetary policies and inflation pe...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2001
ISSN: 1556-5068
DOI: 10.2139/ssrn.286117