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PRICE-LEVEL TARGETING – A VIABLE ALTERNATIVE TO INFLATION TARGETING?

التفاصيل البيبلوغرافية
العنوان: PRICE-LEVEL TARGETING – A VIABLE ALTERNATIVE TO INFLATION TARGETING?
المؤلفون: Iulian Vasile Popescu
المصدر: CES Working Papers, Vol 4, Iss 4, Pp 809-823 (2012)
بيانات النشر: Alexandru Ioan Cuza University of Iasi, 2012.
سنة النشر: 2012
المجموعة: LCC:Political institutions and public administration (General)
مصطلحات موضوعية: price-level targeting, inflation targeting, inflation expectations, deflation, zero-lower- bound, Political institutions and public administration (General), JF20-2112
الوصف: The recent financial crisis that has led some central banks reaching the zero lower bound of their interest rate to use unconventional monetary policy instruments, has brought to the forefront theacademic discussions on the shift from inflation targeting (IT) to price level targeting. This paper provides a comparative analysis on IT strategy and targeting the price level, assesses the implications and highlights the challenges of an eventual transition to a new monetary policy strategy. Balancing the advantages (mainly better anchored inflation expectations) and disadvantages (communication difficulties) generated by following a potential price-level targeting strategy and the necessary prerequisites for its functionality (predictive agents, fully familiar with the implications of such a strategy and with complete confidence in themonetary authority) has led us to the conclusion that there is no common acceptance that price level targeting strategy might replace the present IT framework.
نوع الوثيقة: article
وصف الملف: electronic resource
اللغة: English
French
تدمد: 2067-7693
العلاقة: http://cse.uaic.ro/WorkingPapers/articles/CESWP2012_IV4_POP.pdfTest; https://doaj.org/toc/2067-7693Test
الوصول الحر: https://doaj.org/article/5a7035f01ed246f5a87b05628a8496caTest
رقم الانضمام: edsdoj.5a7035f01ed246f5a87b05628a8496ca
قاعدة البيانات: Directory of Open Access Journals
الوصف
تدمد:20677693