Would price-level targeting destabilise the economy?

Patrick Minford, Eric Nowell and Bruce Webb

When indexation is endogenous price level targeting slightly adds to economic stability, contrary to widespread fears to the contrary. The aggregate supply curve flattens and the aggregate demand curve steepens, increasing stability in the face of supply shocks.

MoreLess

Year of publication:	December 2005 ; Revised September 2005
Authors:	Minford, Patrick ; Nowell, Eric ; Webb, Bruce
Publisher:	Cardiff, United Kingdom : Cardiff Business School, Cardiff University
Subject:	Inflation \| targeting \| price-level rule \| Price level target \| indexation \| monetary regime \| endogenous contracts \| stationarity \| stability \| Preisniveau \| Price level \| Inflationssteuerung \| Inflation targeting \| Theorie \| Theory \| Geldpolitik \| Monetary policy \| Inflationsbekämpfung \| Anti-inflation policy

freely available

Full text |

More access options

Check Google Scholar

In German libraries (KVK)

I need help

Extent:	1 Online-Ressource (circa 27 Seiten) Illustrationen
Series:	Cardiff economics working papers. - Cardiff : [Verlag nicht ermittelbar], ISSN 1749-6101, ZDB-ID 2257349-5. - Vol. no. E2005/12
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper
Language:	English
Other identifiers:	hdl:10419/83974 [Handle]
Classification:	E31 - Price Level; Inflation; Deflation ; E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System ; E52 - Monetary Policy (Targets, Instruments, and Effects)
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10011516965