Price level targeting and the delegation issue in an open economy

A weight-conservative central banker setting policy with discretion and stabilizing the real exchange-rate-adjusted (REX) price level and the output gap can replicate the behavior of the rate of REX inflation and the output gap under policy from a timeless perspective.

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Year of publication:	2014
Authors:	Froyen, Richard T. ; Guender, Alfred V.
Published in:	Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 122.2014, 1, p. 12-15
Publisher:	Elsevier
Subject:	Price level targeting \| Real-exchange-rate adjusted price level \| CPI \| Domestic price level \| Conservative central banker

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Type of publication:	Article
Classification:	E3 - Prices, Business Fluctuations, and Cycles ; E5 - Monetary Policy, Central Banking and the Supply of Money and Credit ; F3 - International Finance
Source:	RePEc - Research Papers in Economics

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