Inflation and Price Level Targeting in a New Keynesian Model

In a New Keynesian macroeconomic model under credible commitment, price level targeting dominates inflation targeting. But with sufficient inflation aversion the inflation-targeting central bank can produce quantitatively similar results to one targeting the price level. The current degree of inflation aversion demonstrated by the Bank of England may be sufficient to reap the benefits of price level targeting

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Year of publication:	2004
Authors:	Chadha, Jagjit S. ; Nolan, Charles
Publisher:	[S.l.] : SSRN
Subject:	Theorie \| Theory \| Neoklassische Synthese \| Neoclassical synthesis \| Inflationssteuerung \| Inflation targeting \| Inflationsbekämpfung \| Anti-inflation policy \| Geldpolitik \| Monetary policy \| Regelbindung versus Diskretion \| Rules versus discretion \| Preisniveau \| Price level

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Extent:	1 Online-Ressource (26 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	In: The Manchester School, Vol. 70, pp. 570-595, 2002
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10014113963