Effects of adopting inflation targeting regimes on inflation variability
نویسندگان
چکیده
منابع مشابه
Inflation Dynamics and Inflation Regimes
In this paper we develop and estimate a new-Keynesian model of inflation and use it to investigate the hypothesis that prices in the UK are re-set more frequently during periods of high inflation. In the model, firms are assumed to condition their expectations on an optimally-selected but incomplete information set and we further assume that the probability that they will reset their price in a...
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Flexible inflation targeting has been advocated as a practical approach to the implementation of an optimal state-contingent monetary policy, but theoretical expositions reaching this conclusion have typically abstracted from the fiscal consequences of monetary policy. Here we extend the standard theory by considering the character of optimal monetary policy under a variety of assumptions about...
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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...
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Starting with the Reserve Bank of New Zealand, over the past twenty years a large number of central banks have adopted inflation targeting as their framework for monetary policy. As the second decade of inflation targeting comes to a close, a retrospective assessing how well it has worked, what lessons have been learned and what challenges may lie ahead is most appropriate. During much of the p...
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ژورنال
عنوان ژورنال: Physica A: Statistical Mechanics and its Applications
سال: 2007
ISSN: 0378-4371
DOI: 10.1016/j.physa.2006.08.047