منابع مشابه
Inflation Targeting in a Small Open Economy
We would like to thank Philip Lowe, Lars Svensson and David Gruen for helpful suggestions. We are extremely grateful to Luci Ellis for training us in the use of Mathematica 3.0. Any remaining errors are ours. The views expressed are those of the authors and should not be attributed to the Reserve Bank of Australia.
متن کاملIs inflation targeting operative in an open economy setting?
The justification for inflation targeting rests on three core propositions. The first is called ‘lean against the wind’, which refers to fact that the monetary authority contracts (expands) aggregate demand below capacity when the actual rate of inflation is above (below) target. The second is ‘the divine coincidence’, which means that stabilizing the rate of inflation around its target is tant...
متن کاملPrice-Level versus Inflation Targeting in a Small Open Economy
This paper compares two types of monetary policy: price-level targeting and inflation targeting. It reviews recent arguments that favour price-level targeting, and examines how certain factors, such as the nature of the shocks affecting the economy and the degree to which agents are forwardlooking, bear upon the arguments. The paper then extends the analysis to a small open economy such as Cana...
متن کاملInflation Targeting and the Inflation Process: Some Lessons from an Open Economy
We would like to thank Adam Cagliarini and Ben McLean for superb research assistance, and participants at the conference for their comments. The views expressed in this paper are those of the authors and not necessarily those of the Reserve Bank of Australia.
متن کاملMonopolistic Banks, Fixed Retail Rates, and Housing: Policy Implications for Open Economy Inflation Targeting
WORK IN PROGRESS We investigate the implications of several key features of mortgage markets for optimal policy for open economy inflation targeters. We show that the existence of fixed mortgage contracts shifts the transmission of monetary policy away from the standard interest rate transmission channel towards direct and indirect exchange rate channels. In addition, contracts that allow for h...
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ژورنال
عنوان ژورنال: Journal of International Economics
سال: 2000
ISSN: 0022-1996
DOI: 10.1016/s0022-1996(98)00078-6