Inflation-targeting, price-path targeting and indeterminacy

被引：3

作者：

Dittmar, RD

Gavin, WT

机构：

[1] Fed Reserve Bank St Louis, Res Dept, St Louis, MO 63166 USA

[2] CAMU, Citigrp, O Fallon, MO 63304 USA

来源：

ECONOMICS LETTERS | 2005年 / 88卷 / 03期

关键词：

inflation targeting; price-path targeting; indeterminacy;

D O I：

10.1016/j.econlet.2005.03.003

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In this paper, we examine the areas of indeterminacy in a flexible price RBC model with shopping time role for money and a central bank that uses an interest rate rule to target inflation and/or the price level. We present analytical results showing that, although inflation targeting often results in real indeterminacy, a price level target generally delivers a unique equilibrium for a relevant range of policy parameters. (c) 2005 Elsevier B.V. All rights reserved.

引用

页码：336 / 342

页数：7

共 13 条

[1] Backward-looking interest-rate rules, interest-rate smoothing, and macroeconomic instability [J].