Search Results - subject:"pricelevel"

Is the price level in Norway determined by fiscal policy?

Alstadheim, Ragna - Norges Bank - 2005

The Norwegian public sector has net financial assets. The fiscal theory of price determination applies equally to Norway and economies with net public debt: If primary surpluses evolve independently of nominal debt (or assets), the price level has to adjust to satisfy the intertemporal budget...

Persistent link: https://www.econbiz.de/10005481447

Would price-level targeting destabilise the economy?

Minford, A. Patrick L.; Webb, Bruce David; Nowell, Eric - Economics Section, Cardiff Business School - 2005

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.

Persistent link: https://www.econbiz.de/10005811701

Inflation inertia and the optimal hybrid inflation/price-level target

Røisland, Øistein - Norges Bank - 2005

A hybrid inflation/price-level target combines elements of both inflation and price-level targets. The paper derives a … result by Vestin (2005) that the optimal policy could be implemented with a price-level targeting regime. We show that the … optimal price-level drift in the hybrid target is equal to the degree of price indexation. …

Persistent link: https://www.econbiz.de/10005063087

Would price-level targeting destabilise the economy?

Minford, Patrick; Nowell, Eric; Webb, Bruce - 2005 - Revised September 2005

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

Price-level targeting when there is price-level drift

Gerberding, Christina; Gerke, Rafael; Hammermann, Felix - In: Journal of macroeconomics 34 (2012) 3, pp. 757-768

Persistent link: https://www.econbiz.de/10009690448

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

Popescu, Iulian Vasile - In: CES Working Papers 4(4) (2012) December, pp. 809-823

by following a potential price-level targeting strategy and the necessary prerequisites for its functionality (predictive …

Persistent link: https://www.econbiz.de/10010859859

A Fiscal Stimulus with Deep Habits and Optimal Monetary Policy

Cantore, Cristiano; Levine, Paul; Melina, Giovanni; Yang, Bo - School of Economics, University of Surrey - 2012

-type or price-level interest rate rules yield results close to optimal policy and dominate a conventional Taylor interest rate …

Persistent link: https://www.econbiz.de/10009492798

Price-level targeting when there is price-level drift

Gerberding, Christina; Gerke, Rafael; Hammermann, Felix - In: Journal of Macroeconomics 34 (2012) 3, pp. 757-768

Recent research has shown that optimal monetary policy may display considerable price-level drift. Proponents of price-level … targeting have argued that the costs of eliminating the price-level drift may be reduced if the central bank responds flexibly … prices across sectors, the costs of stabilisation under price-level targeting remain much higher than under inflation …

Persistent link: https://www.econbiz.de/10010595231

A fiscal stimulus with deep habits and optimal monetary policy

Cantore, Cristiano; Levine, Paul; Melina, Giovanni; Yang, Bo - In: Economics Letters 117 (2012) 1, pp. 348-353

A New-Keynesian model with deep habits and optimal monetary policy delivers a larger-than-1 fiscal multiplier and consumption crowding in. Optimized Taylor-type rules dominate a conventional Taylor rule. Consumption is crowded out if the Taylor rule is suboptimal or if commitment is absent.

Persistent link: https://www.econbiz.de/10010580503

Chapter 14. Optimal Monetary Stabilization Policy

Woodford, Michael - In: Handbook of monetary economics : volume 3, (pp. 723-828). 2010

This chapter reviews the theory of optimal monetary stabilization policy in New Keynesian models, with particular emphasis on developments since the treatment of this topic in Woodford (2003). The primary emphasis of the chapter is on methods of analysis that are useful in this area, rather than...

Persistent link: https://www.econbiz.de/10014025628