منابع مشابه
Inflation 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 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 کاملUnstable Inflation Targets∗
This paper studies long-run inflation targets and stability in an imperfect information environment. When central banks set an inflation target that is not fully communicated, agents draw inferences about inflation from recent data and remain alert to structural change in their econometric model by forming expectations from a forecasting model that is estimated via discounted least squares. Inf...
متن کاملDesigning Inflation Targets
This paper discusses some operational issues regarding the design of monetary frameworks in general and inflation targets in particular. Among inflation targeters,1 these issues are well-known and manifold (see, inter alia, Yates (1995), McCallum (1995), Debelle (1997), Siklos (1997) and the country contributions in the volumes by Haldane (1995) and Leiderman and Svensson (1995)). They include:...
متن کاملSocial Focal Points
We use experimental methods to study coordination games analogous to voting games over fixed divisions of a pie. We find that players use the ethnic or gender identities of other players, rather than other payoff irrelevant features of a game’s description, to achieve coordination. Coordination along or across gender lines, we show, can be attributed in part to the presence of social norms rath...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2005
ISSN: 1556-5068
DOI: 10.2139/ssrn.832405