Comparing inflation and price-level targeting: A comprehensive review of the literature
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Smets, Frank & Vestin, David & Gaspar, Vítor, 2007.
"Is time ripe for price level path stability?,"
Working Paper Series
818, European Central Bank.
- Vítor Gaspar, 2007. "Is Time Ripe for Price Level Path Stability?," Working Papers w200719, Banco de Portugal, Economics and Research Department.
- Adam, Klaus & Billi, Roberto M., 2006.
"Optimal Monetary Policy under Commitment with a Zero Bound on Nominal Interest Rates,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 38(7), pages 1877-1905, October.
- Adam, Klaus & Billi, Roberto, 2003. "Optimal Monetary Policy Under Commitment with a Zero Bound on Nominal Interest Rates," CEPR Discussion Papers 4111, C.E.P.R. Discussion Papers.
- Roberto M. Billi & Klaus Adam, 2004. "Optimal Monetary Policy under Commitment with a Zero Bound on Nominal Interest Rates," Computing in Economics and Finance 2004 67, Society for Computational Economics.
- Adam, Klaus & Billi, Roberto M., 2004. "Optimal monetary policy under commitment with a zero bound on nominal interest rates," CFS Working Paper Series 2004/13, Center for Financial Studies (CFS).
- Klaus Adam & Roberto M. Billi, 2005. "Optimal monetary policy under commitment with a zero bound on nominal interest rates," Research Working Paper RWP 05-07, Federal Reserve Bank of Kansas City.
- Adam, Klaus & Billi, Roberto M., 2004. "Optimal monetary policy under commitment with a zero bound on nominal interest rates," Working Paper Series 377, European Central Bank.
- Francisco Covas & Yahong Zhang, 2010.
"Price‐level versus inflation targeting with financial market imperfections,"
Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 43(4), pages 1302-1332, November.
- Francisco Covas & Yahong Zhang, 2010. "Price-level versus inflation targeting with financial market imperfections," Canadian Journal of Economics, Canadian Economics Association, vol. 43(4), pages 1302-1332, November.
- Francisco Covas & Yahong Zhang, 2008. "Price-Level versus Inflation Targeting with Financial Market Imperfections," Staff Working Papers 08-26, Bank of Canada.
- Allan Crawford & Césaire Meh & Yaz Terajima, 2009. "Price-Level Uncertainty, Price-Level Targeting, and Nominal Debt Contracts," Bank of Canada Review, Bank of Canada, vol. 2009(Spring), pages 33-43.
- Refet S. Gürkaynak & Andrew T. Levin & Andrew N. Marder & Eric T. Swanson, 2007.
"Inflation Targeting and the Anchoring of Inflation Expectations in the Western Hemisphere,"
Central Banking, Analysis, and Economic Policies Book Series, in: Frederic S. Miskin & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Se (ed.),Monetary Policy under Inflation Targeting, edition 1, volume 11, chapter 11, pages 415-465,
Central Bank of Chile.
- Refet S. Gürkaynak & Andrew T. Levin & Andrew N. Marder & Eric T. Swanson, 2007. "Inflation targeting and the anchoring of inflation expectations in the western hemisphere," Economic Review, Federal Reserve Bank of San Francisco, pages 25-47.
- Refet S. Gürkaynak & Andrew T. Levin & Andrew N. Marder & Eric T. Swanson, 2006. "Inflation Targeting And The Anchoring Of Inflation Expectations In The Western Hemisphere," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 9(3), pages 19-52, December.
- Refet S. Gürkaynak & Andrew T. Levin & Andrew N. Marder & Eric T. Swanson, 2006. "Inflation Targeting and the Anchoring of Inflation Expectations in The Western Hemisphere," Working Papers Central Bank of Chile 400, Central Bank of Chile.
- N. Gregory Mankiw & Ricardo Reis & Justin Wolfers, 2004.
"Disagreement about Inflation Expectations,"
NBER Chapters, in: NBER Macroeconomics Annual 2003, Volume 18, pages 209-270,
National Bureau of Economic Research, Inc.
- N. Gregory Mankiw & Ricardo Reis & Justin Wolfers, 2003. "Disagreement about Inflation Expectations," Harvard Institute of Economic Research Working Papers 2011, Harvard - Institute of Economic Research.
- N. Gregory Mankiw & Ricardo Augusto Marc Rocha Reis & Justin Wolfers, 2004. "Disagreement about Inflation Expectations," Yale School of Management Working Papers ysm391, Yale School of Management.
- Mankiw, N. Gregory & Reis, Ricardo & Wolfers, Justin, 2003. "Disagreement about Inflation Expectations," Research Papers 1807, Stanford University, Graduate School of Business.
- N. Gregory Mankiw & Ricardo Reis & Justin Wolfers, 2003. "Disagreement about Inflation Expectations," NBER Working Papers 9796, National Bureau of Economic Research, Inc.
- Mark Gertler & Jordi Gali & Richard Clarida, 1999.
"The Science of Monetary Policy: A New Keynesian Perspective,"
Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1661-1707, December.
- Richard Clarida & Jordi Galí & Mark Gertler, 1997. "The science of monetary policy: A new Keynesian perspective," Economics Working Papers 356, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 1999.
- Clarida, Richard & Galí, Jordi & Gertler, Mark, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," CEPR Discussion Papers 2139, C.E.P.R. Discussion Papers.
- Richard Clarida & Jordi Gali & Mark Gertler, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," NBER Working Papers 7147, National Bureau of Economic Research, Inc.
- Andrew Ang & Geert Bekaert & Min Wei, 2008.
"The Term Structure of Real Rates and Expected Inflation,"
Journal of Finance, American Finance Association, vol. 63(2), pages 797-849, April.
- Andrew Ang & Geert Bekaert, 2004. "The term structure of real rates and expected inflation," Proceedings, Federal Reserve Bank of San Francisco, issue Mar.
- Bekaert, Geert & Ang, Andrew, 2004. "The Term Structure of Real Rates and Expected Inflation," CEPR Discussion Papers 4518, C.E.P.R. Discussion Papers.
- Andrew Ang & Geert Bekaert & Min Wei, 2007. "The Term Structure of Real Rates and Expected Inflation," NBER Working Papers 12930, National Bureau of Economic Research, Inc.
- Gray, Jo Anna, 1976. "Wage indexation: A macroeconomic approach," Journal of Monetary Economics, Elsevier, vol. 2(2), pages 221-235, April.
- Steve Ambler, 2009. "Price‐Level Targeting And Stabilisation Policy: A Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 23(5), pages 974-997, December.
- Steve Ambler, 2007. "The Costs of Inflation in New Keynesian Models," Bank of Canada Review, Bank of Canada, vol. 2007(Winter), pages 7-16.
- Straumann, Tobias & Woitek, Ulrich, 2009. "A pioneer of a new monetary policy? Sweden's price-level targeting of the 1930s revisited," European Review of Economic History, Cambridge University Press, vol. 13(2), pages 251-282, August.
- Bernanke, Ben S. & Gertler, Mark & Gilchrist, Simon, 1999.
"The financial accelerator in a quantitative business cycle framework,"
Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 21, pages 1341-1393,
Elsevier.
- Bernanke, B. & Gertler, M. & Gilchrist, S., 1998. "The Financial Accelerator in a Quantitative Business Cycle Framework," Working Papers 98-03, C.V. Starr Center for Applied Economics, New York University.
- Ben Bernanke & Mark Gertler & Simon Gilchrist, 1998. "The Financial Accelerator in a Quantitative Business Cycle Framework," NBER Working Papers 6455, National Bureau of Economic Research, Inc.
- Matthias Doepke & Martin Schneider, 2006. "Inflation and the Redistribution of Nominal Wealth," Journal of Political Economy, University of Chicago Press, vol. 114(6), pages 1069-1097, December.
- Buraschi, Andrea & Jiltsov, Alexei, 2005. "Inflation risk premia and the expectations hypothesis," Journal of Financial Economics, Elsevier, vol. 75(2), pages 429-490, February.
- Taylor, John B, 1979. "Estimation and Control of a Macroeconomic Model with Rational Expectations," Econometrica, Econometric Society, vol. 47(5), pages 1267-1286, September.
- Lawrence J. Christiano & Martin Eichenbaum & Charles L. Evans, 2005.
"Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy,"
Journal of Political Economy, University of Chicago Press, vol. 113(1), pages 1-45, February.
- Lawrence J. Christiano & Martin S. Eichenbaum & Charles L. Evans, 2001. "Nominal rigidities and the dynamic effects of a shock to monetary policy," Proceedings, Federal Reserve Bank of San Francisco, issue Jun.
- Lawrence J. Christiano & Martin Eichenbaum & Charles Evans, 2001. "Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy," NBER Working Papers 8403, National Bureau of Economic Research, Inc.
- Lawrence J. Christiano & Martin S. Eichenbaum & Charles L. Evans, 2001. "Nominal rigidities and the dynamic effects of a shock to monetary policy," Working Paper Series WP-01-08, Federal Reserve Bank of Chicago.
- Lawrence J. Christiano & Martin S. Eichenbaum & Charles L. Evans, 2001. "Nominal rigidities and the dynamic effects of a shock to monetary policy," Working Papers (Old Series) 0107, Federal Reserve Bank of Cleveland.
- Ali Dib & Caterina Mendicino & Yahong Zhang, 2008. "Price Level Targeting in a Small Open Economy with Financial Frictions: Welfare Analysis," Staff Working Papers 08-40, Bank of Canada.
- Nessen, Marianne & Vestin, David, 2005.
"Average Inflation Targeting,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 37(5), pages 837-863, October.
- Nessén, Marianne & Vestin, David, 2000. "Average Inflation Targeting," Working Paper Series 119, Sveriges Riksbank (Central Bank of Sweden).
- Rudebusch, Glenn D. & Swanson, Eric T., 2008.
"Examining the bond premium puzzle with a DSGE model,"
Journal of Monetary Economics, Elsevier, vol. 55(Supplemen), pages 111-126, October.
- Glenn D. Rudebusch & Eric T. Swanson, 2008. "Examining the bond premium puzzle with a DSGE model," Working Paper Series 2007-25, Federal Reserve Bank of San Francisco.
- James Peery Cover & Paul Pecorino, 2005. "Price and Output Stability under Price-Level Targeting," Southern Economic Journal, John Wiley & Sons, vol. 72(1), pages 152-166, July.
- Gauti B. Eggertsson & Michael Woodford, 2003. "The Zero Bound on Interest Rates and Optimal Monetary Policy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(1), pages 139-235.
- Boris Cournède & Diego Moccero, 2009. "Is there a Case for Price-level Targeting?," OECD Economics Department Working Papers 721, OECD Publishing.
- Calvo, Guillermo A., 1983. "Staggered prices in a utility-maximizing framework," Journal of Monetary Economics, Elsevier, vol. 12(3), pages 383-398, September.
- Steinsson, Jon, 2003.
"Optimal monetary policy in an economy with inflation persistence,"
Journal of Monetary Economics, Elsevier, vol. 50(7), pages 1425-1456, October.
- Jón Steinsson, 2000. "Optimal monetary policy in an economy with inflation persistence," Economics wp11, Department of Economics, Central bank of Iceland.
- Taylor, John B., 1999.
"The robustness and efficiency of monetary policy rules as guidelines for interest rate setting by the European central bank,"
Journal of Monetary Economics, Elsevier, vol. 43(3), pages 655-679, June.
- Taylor, J.B., 1998. "The Robustness and Efficiency of Monetary Policy Rules as Guidelines for Interest Rate Setting by European Central Bank," Papers 649, Stockholm - International Economic Studies.
- Taylor, John B., 1998. "The Robustness and Efficiency of Monetary Policy Rules as Guidelines for Interest Rate Setting by the European Central Bank," Seminar Papers 649, Stockholm University, Institute for International Economic Studies.
- Levine, Paul & McAdam, Peter & Pearlman, Joseph, 2008.
"Quantifying and sustaining welfare gains from monetary commitment,"
Journal of Monetary Economics, Elsevier, vol. 55(7), pages 1253-1276, October.
- McAdam, Peter & Levine, Paul & Pearlman, Joseph G., 2007. "Quantifying and sustaining welfare gains from monetary commitment," Working Paper Series 709, European Central Bank.
- Berg, Claes & Jonung, Lars, 1999.
"Pioneering price level targeting: The Swedish experience 1931-1937,"
Journal of Monetary Economics, Elsevier, vol. 43(3), pages 525-551, June.
- Berg, Claes & Jonung, Lars, 1998. "Pioneering Price Level Targeting: The Swedish Experience 1931-1937," Seminar Papers 642, Stockholm University, Institute for International Economic Studies.
- Berg, C. & Jonung, L., 1998. "Pioneering Price Level Targeting: The Swedish Experience 1931-1937," Papers 642, Stockholm - International Economic Studies.
- Berg, Claes & Jonung, Lars, 1998. "Pioneering Price Level Targeting:The Swedish Experience 1931-1937," SSE/EFI Working Paper Series in Economics and Finance 290, Stockholm School of Economics.
- Frank Smets & Rafael Wouters, 2007.
"Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach,"
American Economic Review, American Economic Association, vol. 97(3), pages 586-606, June.
- Smets, Frank & Wouters, Raf, 2007. "Shocks and frictions in US business cycles: a Bayesian DSGE approach," Working Paper Series 722, European Central Bank.
- Smets, Frank & Wouters, Rafael, 2007. "Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach," CEPR Discussion Papers 6112, C.E.P.R. Discussion Papers.
- Frank Smets & Raf Wouters, 2007. "Shocks and Frictions in US Business Cycles : a Bayesian DSGE Approach," Working Paper Research 109, National Bank of Belgium.
- Bernanke, Ben S, 1995.
"The Macroeconomics of the Great Depression: A Comparative Approach,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(1), pages 1-28, February.
- Ben S. Bernanke, 1994. "The Macroeconomics of the Great Depression: A Comparative Approach," NBER Working Papers 4814, National Bureau of Economic Research, Inc.
- Mark Gertler & Jordi Gali & Richard Clarida, 1999.
"The Science of Monetary Policy: A New Keynesian Perspective,"
Journal of Economic Literature,
American Economic Association, vol. 37(4), pages 1661-1707, December.
- Richard Clarida & Jordi Galí & Mark Gertler, 1997. "The science of monetary policy: A new Keynesian perspective," Economics Working Papers 356, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 1999.
- Clarida, R. & Gali, J. & Gertler, M., 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Working Papers 99-13, C.V. Starr Center for Applied Economics, New York University.
- Richard Clarida & Jordi Gali & Mark Gertler, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," NBER Working Papers 7147, National Bureau of Economic Research, Inc.
- Clarida, Richard & Galí, Jordi & Gertler, Mark, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," CEPR Discussion Papers 2139, C.E.P.R. Discussion Papers.
- Christopher D. Carroll, 2003.
"Macroeconomic Expectations of Households and Professional Forecasters,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 118(1), pages 269-298.
- Christopher D Carroll, 2002. "Macroeconomic Expectations of Households and Professional Forecasters," Economics Working Paper Archive 477, The Johns Hopkins University,Department of Economics.
- Tödter, Karl-Heinz & Manzke, Bernhard, 2007. "The welfare effects of inflation: a cost-benefit perspective," Discussion Paper Series 1: Economic Studies 2007,33, Deutsche Bundesbank.
- Patrick Minford, 2004. "The A W Phillips memorial lecture to the New Zealand Association of Economists: Monetary Policy – should it move onto a price level target?," Macroeconomics 0409020, University Library of Munich, Germany.
- Guender, Alfred V. & Oh, Do Yoon, 2006. "Price stability through price-level targeting or inflation targeting? A tale of two experiments," Journal of Economics and Business, Elsevier, vol. 58(5-6), pages 373-391.
- Hatcher, Michael C., 2011. "Optimal indexation of government bonds and monetary policy," Cardiff Economics Working Papers E2011/3, Cardiff University, Cardiff Business School, Economics Section, revised Mar 2011.
- Wolman, Alexander L, 2005.
"Real Implications of the Zero Bound on Nominal Interest Rates,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 37(2), pages 273-296, April.
- Alexander L. Wolman, 1999. "Real Implications of the Zero Bound on Nominal Interest Rates," Computing in Economics and Finance 1999 1152, Society for Computational Economics.
- Alexander L. Wolman, 2003. "Real implications of the zero bound on nominal interest rates," Working Paper 03-15, Federal Reserve Bank of Richmond.
- repec:nbr:nberre:0126 is not listed on IDEAS
- van der Cruijsen, Carin & Demertzis, Maria, 2007. "The impact of central bank transparency on inflation expectations," European Journal of Political Economy, Elsevier, vol. 23(1), pages 51-66, March.
- Charles T. Carlstrom & Timothy S. Fuerst, 2002. "Monetary policy rules and stability: inflation targeting versus price-level targeting," Economic Commentary, Federal Reserve Bank of Cleveland, issue Feb.
- Césaire Meh & Vincenzo Quadrini & Yaz Terajima, 2009.
"Real Effects of Price Stability with Endogenous Nominal Indexation,"
Staff Working Papers
09-16, Bank of Canada.
- Yaz Terajima & Vincenzo Quadrini & Cesaire Meh, 2009. "Real Effects of Price Stability with Endogenous Nominal Indexation," 2009 Meeting Papers 847, Society for Economic Dynamics.
- Douglas Laxton, 2008. "Getting to Know the Global Economy Model and Its Philosophy," IMF Staff Papers, Palgrave Macmillan, vol. 55(2), pages 213-242, June.
- Donald Coletti & René Lalonde & Dirk Muir, 2008. "Inflation Targeting and Price-Level-Path Targeting in the GEM: Some Open Economy Considerations," Staff Working Papers 08-6, Bank of Canada.
- Patrick Minford & David Peel, 2003. "Optimal monetary policy: is price‐level targeting the next step?," Scottish Journal of Political Economy, Scottish Economic Society, vol. 50(5), pages 650-667, November.
- James Peery Cover & Paul Pecorino, 2005. "Price and Output Stability under Price‐Level Targeting," Southern Economic Journal, John Wiley & Sons, vol. 72(1), pages 152-166, July.
- Fujiwara, Ippei & McAdam, Peter & Roberts, John M., 2006. "Monetary policy at the zero interest bound: A model comparison exercise," Journal of the Japanese and International Economies, Elsevier, vol. 20(3), pages 305-313, September.
- Julio J. Rotemberg & Michael Woodford, 1998. "An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy: Expanded Version," NBER Technical Working Papers 0233, National Bureau of Economic Research, Inc.
- Peter Hördahl & Oreste Tristani, 2012.
"Inflation Risk Premia In The Term Structure Of Interest Rates,"
Journal of the European Economic Association, European Economic Association, vol. 10(3), pages 634-657, May.
- Peter Hördahl, 2008. "The inflation risk premium in the term structure of interest rates," BIS Quarterly Review, Bank for International Settlements, September.
- Hördahl, Peter & Tristani, Oreste, 2007. "Inflation risk premia in the term structure of interest rates," Working Paper Series 734, European Central Bank.
- Peter Hoerdahl & Oreste Tristani, 2007. "Inflation risk premia in the term structure of interest rates," BIS Working Papers 228, Bank for International Settlements.
- Gavin, William T. & Keen, Benjamin D. & Pakko, Michael R., 2009.
"Inflation Risk And Optimal Monetary Policy,"
Macroeconomic Dynamics, Cambridge University Press, vol. 13(S1), pages 58-75, May.
- William T. Gavin & Benjamin D. Keen & Michael R. Pakko, 2007. "Inflation risk and optimal monetary policy," Working Papers 2006-035, Federal Reserve Bank of St. Louis.
- Taylor, John B, 1980. "Aggregate Dynamics and Staggered Contracts," Journal of Political Economy, University of Chicago Press, vol. 88(1), pages 1-23, February.
- Damjanovic, Tatiana & Damjanovic, Vladislav & Nolan, Charles, 2008. "Unconditionally optimal monetary policy," Journal of Monetary Economics, Elsevier, vol. 55(3), pages 491-500, April.
- George A. Kahn, 2009. "Beyond inflation targeting: should central banks target the price level?," Economic Review, Federal Reserve Bank of Kansas City, vol. 94(Q III), pages 35-64.
- Oleksiy Kryvtsov & Malik Shukayev & Alexander Ueberfeldt, 2008. "Adopting Price-Level Targeting under Imperfect Credibility," Staff Working Papers 08-3, Bank of Canada.
- Hatcher, Michael C., 2011. "Price-level targeting versus inflation targeting over the long-term," Cardiff Economics Working Papers E2011/5, Cardiff University, Cardiff Business School, Economics Section.
- Adam, Klaus & Billi, Roberto M., 2007.
"Discretionary monetary policy and the zero lower bound on nominal interest rates,"
Journal of Monetary Economics, Elsevier, vol. 54(3), pages 728-752, April.
- Adam, Klaus & Billi, Roberto M., 2004. "Optimal monetary policy under discretion with a zero bound on nominal interest rates," Working Paper Series 380, European Central Bank.
- Adam, Klaus & Billi, Roberto M., 2005. "Discretionary monetary policy and the zero lower bound on nominal interest rates," CFS Working Paper Series 2005/16, Center for Financial Studies (CFS).
- Klaus Adam & Roberto M. Billi, 2005. "Discretionary monetary policy and the zero lower bound on nominal interest rates," Research Working Paper RWP 05-08, Federal Reserve Bank of Kansas City.
- Adam, Klaus & Billi, Roberto, 2004. "Optimal Monetary Policy Under Discretion with a Zero Bound on Nominal Interest Rates," CEPR Discussion Papers 4585, C.E.P.R. Discussion Papers.
- Minford, Patrick & Nowell, Eric & Webb, Bruce, 1999. "Nominal Contracts and Monetary Targets," CEPR Discussion Papers 2215, C.E.P.R. Discussion Papers.
- Geert Bekaert & Xiaozheng Wang, 2010. "Inflation risk and the inflation risk premium [Do macro variables, asset markets or surveys forecast inflation better?]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 25(64), pages 755-806.
- Woodford Michael, 2002.
"Inflation Stabilization and Welfare,"
The B.E. Journal of Macroeconomics, De Gruyter, vol. 2(1), pages 1-53, February.
- Michael Woodford, 2001. "Inflation Stabilization and Welfare," NBER Working Papers 8071, National Bureau of Economic Research, Inc.
- Oleksiy Kryvtsov & Malik Shukayev & Alexander Ueberfeldt, 2008. "Adopting Price-Level Targeting under Imperfect Credibility: An Update," Staff Working Papers 08-37, Bank of Canada.
- Sack, Brian, 2000. "Does the fed act gradually? A VAR analysis," Journal of Monetary Economics, Elsevier, vol. 46(1), pages 229-256, August.
- Meh, Césaire A. & Ríos-Rull, José-Víctor & Terajima, Yaz, 2010.
"Aggregate and welfare effects of redistribution of wealth under inflation and price-level targeting,"
Journal of Monetary Economics, Elsevier, vol. 57(6), pages 637-652, September.
- Césaire Meh & José-Víctor Ríos-Rull & Yaz Terajima, 2008. "Aggregate and Welfare Effects of Redistribution of Wealth Under Inflation and Price-Level Targeting," Staff Working Papers 08-31, Bank of Canada.
- Yaz Terajima & Jose-Victor Rios-Rull & Cesaire Meh, 2008. "Aggregate and Welfare Effects of Redistribution of Wealth Under Inflation and Price-Level Targeting," 2008 Meeting Papers 381, Society for Economic Dynamics.
- Gino Cateau & Oleksiy Kryvtsov & Malik Shukayev & Alexander Ueberfeldt, 2009. "Adopting Price-Level Targeting under Imperfect Credibility in ToTEM," Staff Working Papers 09-17, Bank of Canada.
- Smets, Frank, 2003. "Maintaining price stability: how long is the medium term?," Journal of Monetary Economics, Elsevier, vol. 50(6), pages 1293-1309, September.
- Donald Coletti & René Lalonde & Dirk Muir, 2008. "Inflation Targeting and Price-Level-Path Targeting in the Global Economy Model: Some Open Economy Considerations," IMF Staff Papers, Palgrave Macmillan, vol. 55(2), pages 326-338, June.
- Vitor Gaspar & Frank Smets, 2000.
"Price Level Stability: Some Issues,"
National Institute Economic Review, National Institute of Economic and Social Research, vol. 174(1), pages 68-79, October.
- Gaspar, Vitor & Smets, Frank, 2000. "Price Level Stability: Some Issues," National Institute Economic Review, National Institute of Economic and Social Research, vol. 174, pages 68-79, October.
- Svensson, Lars E O, 1999.
"Price-Level Targeting versus Inflation Targeting: A Free Lunch?,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 31(3), pages 277-295, August.
- Svensson, Lars E O, 1996. "Price-level Targeting versus Inflation Targeting: A Free Lunch?," CEPR Discussion Papers 1510, C.E.P.R. Discussion Papers.
- repec:sae:niesru:v:174:y::i:1:p:68-79 is not listed on IDEAS
- Patrick Minford & Eric Nowell & Bruce Webb, 2003. "Nominal Contracting and Monetary Targets -- Drifting into Indexation," Economic Journal, Royal Economic Society, vol. 113(484), pages 65-100, January.
- John B. Taylor, 1999. "Monetary Policy Rules," NBER Books, National Bureau of Economic Research, Inc, number tayl99-1.
- Michael Parkin, 2009. "What is the Ideal Monetary Policy Regime? Improving the Bank of Canada's Inflation-targeting Program," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 279, January.
- Batini, Nicoletta & Yates, Anthony, 2003.
"Hybrid Inflation and Price-Level Targeting,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 35(3), pages 283-300, June.
- Nicoletta Batini & Anthony Yates, 2001. "Hybrid inflation and price level targeting," Bank of England working papers 135, Bank of England.
- Martin Bodenstein & James Hebden & Ricardo Nunes, 2010. "Imperfect credibility and the zero lower bound on the nominal interest rate," International Finance Discussion Papers 1001, Board of Governors of the Federal Reserve System (U.S.).
- David E. Lebow & John M. Roberts & David J. Stockton, 1992. "Economic performance under price stability," Working Paper Series / Economic Activity Section 125, Board of Governors of the Federal Reserve System (U.S.).
- M. H. Khalil Timamy, 2005. "Debate," Review of African Political Economy, Taylor & Francis Journals, vol. 32(104-105), pages 383-393, June.
- Robert Dittmar & William T. Gavin & Finn E. Kydland, 1999. "Price-level uncertainty and inflation targeting," Review, Federal Reserve Bank of St. Louis, vol. 81(Jul), pages 23-34.
- Frank Smets & Raf Wouters, 2003.
"An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area,"
Journal of the European Economic Association, MIT Press, vol. 1(5), pages 1123-1175, September.
- Frank Smets & Raf Wouters, 2002. "An estimated dynamic stochastic general equilibrium model of the euro area," Working Paper Research 35, National Bank of Belgium.
- Gerald Stuber, 2001. "Implications of Uncertainty about Long-Run Inflation and the Price Level," Staff Working Papers 01-16, Bank of Canada.
- Vestin, David, 2006. "Price-level versus inflation targeting," Journal of Monetary Economics, Elsevier, vol. 53(7), pages 1361-1376, October.
- Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-491, June.
- Césaire Meh & Yaz Terajima, 2009. "Unexpected Inflation and Redistribution of Wealth in Canada," Bank of Canada Review, Bank of Canada, vol. 2009(Spring), pages 45-52.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Julian A. Parra-Polania & Luisa F. Acuña-Roa, 2013.
"Price-Level Targeting: an omelette that requires breaking some Inflation-Targeting eggs?,"
Borradores de Economia
10984, Banco de la Republica.
- Luisa F. Acuña Roa & Julian A. Parra Polania, 2013. "Price-Level Targeting: an omelette that requires breaking some Inflation-Targeting eggs?," Borradores de Economia 783, Banco de la Republica de Colombia.
- Dąbrowski, Marek A. & Janus, Jakub & Mucha, Krystian, 2025. "Shades of inflation targeting: insights from fractional integration," MPRA Paper 123455, University Library of Munich, Germany.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Michael Hatcher & Patrick Minford, 2016.
"Stabilisation Policy, Rational Expectations And Price-Level Versus Inflation Targeting: A Survey,"
Journal of Economic Surveys, Wiley Blackwell, vol. 30(2), pages 327-355, April.
- Hatcher, Michael C. & Minford, Patrick, 2013. "Stabilization policy, rational expectations and price-level versus inflation targeting: a survey," Cardiff Economics Working Papers E2013/14, Cardiff University, Cardiff Business School, Economics Section.
- Minford, Patrick & Hatcher, Michael, 2014. "Stabilization policy, rational expectations and price-level versus infl?ation targeting: a survey," CEPR Discussion Papers 9820, C.E.P.R. Discussion Papers.
- Boris Cournède & Diego Moccero, 2009. "Is there a Case for Price-level Targeting?," OECD Economics Department Working Papers 721, OECD Publishing.
- Jiri Bohm & Jan Filacek, 2012.
"Price-Level Targeting–A Real Alternative to Inflation Targeting?,"
Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 62(1), pages 2-26, February.
- Jiri Bohm & Jan Filacek & Ivana Kubicova & Romana Zamazalova, 2011. "Price-Level Targeting - A Real Alternative to Inflation Targeting?," Research and Policy Notes 2011/01, Czech National Bank.
- repec:jes:wpaper:y:2012:v:4:p:809-823 is not listed on IDEAS
- Iulian Vasile Popescu, 2012. "Price-Level Targeting – A Viable Alternative To Inflation Targeting?," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 4(4), pages 809-823, December.
- Steve Ambler, 2009. "Price‐Level Targeting And Stabilisation Policy: A Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 23(5), pages 974-997, December.
- Dib, Ali & Mendicino, Caterina & Zhang, Yahong, 2013. "Price-level targeting rules and financial shocks: The case of Canada," Economic Modelling, Elsevier, vol. 30(C), pages 941-953.
- Bokor, László, 2007.
"Optimality criteria of hybrid inflation-price level targeting,"
MPRA Paper
10278, University Library of Munich, Germany, revised Jul 2008.
- László Bokor, 2010. "Optimality criteria of hybrid inflation-price level targeting," MNB Working Papers 2010/8, Magyar Nemzeti Bank (Central Bank of Hungary).
- Hatcher, Michael, 2014.
"Indexed versus nominal government debt under inflation and price-level targeting,"
Journal of Economic Dynamics and Control, Elsevier, vol. 45(C), pages 126-145.
- Michael Hatcher, 2013. "Indexed versus nominal government debt under inflation and price-level targeting," Working Papers 2013_11, Business School - Economics, University of Glasgow.
- Michael, Hatcher, 2013. "Indexed versus nominal government debt under inflation and price-level targeting," SIRE Discussion Papers 2013-56, Scottish Institute for Research in Economics (SIRE).
- Hatcher, Michael C., 2011. "Inflation versus price-level targeting and the zero lower bound: Stochastic simulations from the Smets-Wouters US model," Cardiff Economics Working Papers E2011/24, Cardiff University, Cardiff Business School, Economics Section.
- Dennis, Richard & Soderstrom, Ulf, 2006.
"How Important Is Precommitment for Monetary Policy?,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 38(4), pages 847-872, June.
- Richard Dennis & Ulf Soderstrom, 2002. "How important is precommitment for monetary policy?," Working Paper Series 2002-10, Federal Reserve Bank of San Francisco.
- Ulf Soderstrom & Richard Dennis, 2003. "How Important is Precommitment for Monetary Policy?," Computing in Economics and Finance 2003 49, Society for Computational Economics.
- Dennis, Richard & Söderström, Ulf, 2002. "How Important Is Precommitment for Monetary Policy?," Working Paper Series 139, Sveriges Riksbank (Central Bank of Sweden).
- Michael Hatcher, 2013.
"Aggregate and welfare effects of long run inflation risk under inflation and price-level targeting,"
Working Papers
2013_03, Business School - Economics, University of Glasgow.
- Michael, Hatcher, 2013. "Aggregate and welfare effects of long run inflation risk under inflation and price-level targeting," SIRE Discussion Papers 2013-19, Scottish Institute for Research in Economics (SIRE).
- Sofía Bauducco B. & Rodrigo Caputo G, 2011. "Metas de Nivel de Precios y Metas de Inflación: Una Revisión de la Literatura," Notas de Investigación Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 14(1), pages 55-67, April.
- Francisco Covas & Yahong Zhang, 2010.
"Price‐level versus inflation targeting with financial market imperfections,"
Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 43(4), pages 1302-1332, November.
- Francisco Covas & Yahong Zhang, 2010. "Price-level versus inflation targeting with financial market imperfections," Canadian Journal of Economics, Canadian Economics Association, vol. 43(4), pages 1302-1332, November.
- Francisco Covas & Yahong Zhang, 2008. "Price-Level versus Inflation Targeting with Financial Market Imperfections," Staff Working Papers 08-26, Bank of Canada.
- Sofía Bauducco & Rodrigo Caputo, 2010. "Price Level Targeting and Inflation Targeting: a Review," Working Papers Central Bank of Chile 601, Central Bank of Chile.
- Ricardo Nunes & Jinill Kim & Jesper Linde & Davide Debortoli, 2014.
"Designing a Simple Loss Function for the Fed: Does the Dual Mandate Make Sense?,"
2014 Meeting Papers
1043, Society for Economic Dynamics.
- Davide Debortoli & Jinill Kim & Jesper Linde & Ricardo Nunes, 2016. "Designing a Simple Loss Function for the Fed: Does the Dual Mandate Make Sense?," Discussion Paper Series 1601, Institute of Economic Research, Korea University.
- Linde, Jesper & Kim, Jinill & Nunes, Ricardo & Debortoli, Davide, 2015. "Designing a Simple Loss Function for the Fed: Does the Dual Mandate Make Sense?," CEPR Discussion Papers 10409, C.E.P.R. Discussion Papers.
- Davide Debortoli & Jinill Kim & Jesper Lindé & Ricardo Nunes, 2015. "Designing a simple loss function for the Fed: does the dual mandate make sense?," Working Papers 15-3, Federal Reserve Bank of Boston.
- Mota, Paulo R. & Fernandes, Abel L.C., 2022. "Is the ECB already following albeit implicitly an average inflation targeting strategy?," Research in Economics, Elsevier, vol. 76(3), pages 149-162.
- Roberto M. Billi, 2011.
"Optimal Inflation for the US Economy,"
American Economic Journal: Macroeconomics, American Economic Association, vol. 3(3), pages 29-52, July.
- Billi, Roberto M., 2004. "The optimal inflation buffer with a zero bound on nominal interest rates," CFS Working Paper Series 2005/17, Center for Financial Studies (CFS).
- Roberto M. Billi, 2007. "Optimal inflation for the U.S," Research Working Paper RWP 07-03, Federal Reserve Bank of Kansas City.
- Roberto M. Billi, 2006. "The Optimal Long-Run Inflation Rate for the U.S. Economy," Computing in Economics and Finance 2006 72, Society for Computational Economics.
- Roberto M. Billi, 2005. "The Optimal Inflation Buffer with a Zero Bound on Nominal Interest Rates," Computing in Economics and Finance 2005 25, Society for Computational Economics.
- Carl E. Walsh, 2011. "The Future of Inflation Targeting," The Economic Record, The Economic Society of Australia, vol. 87(s1), pages 23-36, September.
- Nestor Azcona, 2018. "Can Price-Level Targeting Reduce Exchange Rate Volatility?," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 44(3), pages 400-436, June.
- Lindé, Jesper & Smets, Frank & Wouters, Rafael, 2016.
"Challenges for Central Banks´ Macro Models,"
Working Paper Series
323, Sveriges Riksbank (Central Bank of Sweden).
- Linde, Jesper & Smets, Frank & Wouters, Rafael, 2016. "Challenges for Central Banks' Macro Models," CEPR Discussion Papers 11405, C.E.P.R. Discussion Papers.
More about this item
Keywords
Price-level targeting; inflation targeting; macroeconomic stabilisation;All these keywords.
JEL classification:
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
NEP fields
This paper has been announced in the following NEP Reports:- NEP-CBA-2011-08-29 (Central Banking)
- NEP-MAC-2011-08-29 (Macroeconomics)
- NEP-MON-2011-08-29 (Monetary Economics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cdf:wpaper:2011/22. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Yongdeng Xu (email available below). General contact details of provider: https://edirc.repec.org/data/ecscfuk.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.