IS IT TIME FOR PRICE-LEVEL TARGETING?

被引：0

作者：

Ambler, Steve ^{[1
]}

机构：

[1] Univ Quebec, Montreal, PQ, Canada

来源：

ECONOMIC AFFAIRS | 2009年 / 29卷 / 03期

关键词：

Price-level targeting; inflation targeting; monetary policy;

D O I：

10.1111/j.1468-0270.2009.01916.x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper summarises arguments for and against a shift by central banks from inflation targeting to price-level targeting. It concludes that the weight of the evidence favours a shift. One of the advantages of price-level targeting is its superior macroeconomic performance when short-term nominal interest rates are close to zero. Since this is the current situation facing many central banks, it may also be politically opportune to consider such a switch.

引用

页码：35 / 39

页数：5

共 27 条

[1]

Amano R., 2007, PRICE LEVEL IN PRESS

[2]

Ambler S., 2007, BANK CANADA REV, P5

[3]

[Anonymous], 1994, FUTURE CENTRAL BANKI

[4] Optimal monetary policy responses to relative-price changes [J].

Aoki, K .

JOURNAL OF MONETARY ECONOMICS, 2001, 48 (01) :55-80

[5]

Barnett R., 2000, PRICE STABILITY LONG, P101

[6] The science of monetary policy:: A new keynesian perspective [J].

Clarida, R ;

Galí, J ;

Gertler, M .

JOURNAL OF ECONOMIC LITERATURE, 1999, 37 (04) :1661-1707

[7]

COULOMBE S, 1998, 9822 BANK CAN

[8]

Coulombe S., 1997, PRICE STABILITY INFL, P3

[9] Inflation and the redistribution of nominal wealth [J].

Doepke, Matthias ;

Schneider, Martin .

JOURNAL OF POLITICAL ECONOMY, 2006, 114 (06) :1069-1097

[10]

Dorsey M., 2006, FEDERAL RESERVE BANK, VQ3, P10

← 1 2 3 →