The choice of flexibility in targeting inflation during normal times and during disinflation
Author
Abstract
Suggested Citation
Download full text from publisher
As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.
Other versions of this item:
- Cukierman, Alex, 2015. "The choice of flexibility in targeting inflation during normal times and during disinflations," Research in Economics, Elsevier, vol. 69(4), pages 494-502.
References listed on IDEAS
- Kenneth Rogoff, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 100(4), pages 1169-1189.
- Alex Cukierman, 2000.
"Establishing a reputation for dependability by means of inflation targets,"
Economics of Governance, Springer, vol. 1(1), pages 53-76, March.
- Cukierman, A., 1999. "Establishing a Reputation for Dependability by Means of Inflation Targets," Other publications TiSEM ef0f20de-0e72-4cdf-ba89-7, Tilburg University, School of Economics and Management.
- Cukierman, A., 1999. "Establishing a Reputation for Dependability by Means of Inflation Targets," Discussion Paper 1999-99, Tilburg University, Center for Economic Research.
- Alex Cukierman, 2009.
"The Limits of Transparency,"
Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 38(1‐2), pages 1-37, February.
- Alex Cukierman, 2007. "The limits of transparency," Proceedings, Federal Reserve Bank of San Francisco.
- Cukierman, Alex, 2007. "The Limits of Transparency," CEPR Discussion Papers 6475, C.E.P.R. Discussion Papers.
- 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.
- 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.
- Cukierman, Alex & Melnick, Rafi, 2015. "The Conquest of Israeli Inflation and Current Policy Dilemmas," CEPR Discussion Papers 10955, C.E.P.R. Discussion Papers.
- 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.
- Cukierman, Alex & Liviatan, Nissan, 1991.
"Optimal accommodation by strong policymakers under incomplete information,"
Journal of Monetary Economics, Elsevier, vol. 27(1), pages 99-127, February.
- Cukierman, A. & Liviatan, N., 1989. "Optimal Accommodation By Strong Policymakers Under Incomplete Information," Papers 13-89, Tel Aviv.
- Lars E. O. Svensson, 2002.
"Monetary policy and real stabilization,"
Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 261-312.
- Lars E.O. Svensson, 2002. "Monetary Policy and Real Stabilization," Working Papers 119, Princeton University, Department of Economics, Center for Economic Policy Studies..
- Lars E. O. Svensson, 2003. "Monetary Policy and Real Stabilization," NBER Working Papers 9486, National Bureau of Economic Research, Inc.
- Orphanides, Athanasios, 2003.
"Monetary policy evaluation with noisy information,"
Journal of Monetary Economics, Elsevier, vol. 50(3), pages 605-631, April.
- Athanasios Orphanides, 1998. "Monetary policy evaluation with noisy information," Finance and Economics Discussion Series 1998-50, Board of Governors of the Federal Reserve System (U.S.).
- Walsh, Carl E, 2000. "Market Discipline and Monetary Policy," Oxford Economic Papers, Oxford University Press, vol. 52(2), pages 249-271, April.
- Christina D. Romer & David H. Romer, 1989.
"Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz,"
NBER Chapters, in: NBER Macroeconomics Annual 1989, Volume 4, pages 121-184,
National Bureau of Economic Research, Inc.
- Romer, Christina D. & Romer, David H., 1989. "Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz," Department of Economics, Working Paper Series qt5h07k8vf, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Christina D. Romer and David H. Romer., 1989. "Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz," Economics Working Papers 89-107, University of California at Berkeley.
- Christina D. Romer & David H. Romer, 1989. "Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz," NBER Working Papers 2966, National Bureau of Economic Research, Inc.
- Lars E. O. Svensson, 2002.
"Monetary policy and real stabilization,"
Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 261-312.
- Lars E.O. Svensson, 2002. "Monetary Policy and Real Stabilization," Working Papers 119, Princeton University, Department of Economics, Center for Economic Policy Studies..
- Lars E. O. Svensson, 2003. "Monetary Policy and Real Stabilization," NBER Working Papers 9486, National Bureau of Economic Research, Inc.
- Benigno, Pierpaolo, 2015.
"New-Keynesian economics: An AS–AD view,"
Research in Economics, Elsevier, vol. 69(4), pages 503-524.
- Pierpaolo Benigno, 2009. "New-Keynesian Economics: An AS-AD View," NBER Working Papers 14824, National Bureau of Economic Research, Inc.
- Jordi Galí, 2008. "Introduction to Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework," Introductory Chapters, in: Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton University Press.
- repec:pri:cepsud:83svensson is not listed on IDEAS
- Smets, Frank, 2003. "Maintaining price stability: how long is the medium term?," Journal of Monetary Economics, Elsevier, vol. 50(6), pages 1293-1309, September.
- Calvo, Guillermo A., 1983. "Staggered prices in a utility-maximizing framework," Journal of Monetary Economics, Elsevier, vol. 12(3), pages 383-398, September.
- Ms. Inci Ötker & Charles Freedman, 2009. "Country Experiences with the Introduction and Implementation of Inflation Targeting," IMF Working Papers 2009/161, International Monetary Fund.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Benchimol, Jonathan & El-Shagi, Makram, 2020.
"Forecast performance in times of terrorism,"
Economic Modelling, Elsevier, vol. 91(C), pages 386-402.
- Jonathan Benchimol & Makram El-Shagi, 2017. "Forecast Performance in Times of Terrorism," CFDS Discussion Paper Series 2017/1, Center for Financial Development and Stability at Henan University, Kaifeng, Henan, China.
- Jonathan Benchimol & Makram El-Shagi, 2020. "Forecast Performance in Times of Terrorism," Globalization Institute Working Papers 390, Federal Reserve Bank of Dallas.
- Jonathan Benchimol & Makram El-Shagi, 2019. "Forecast Performance in Times of Terrorism," Bank of Israel Working Papers 2019.08, Bank of Israel.
- Jonathan Benchimol & Makram El-Shagi, 2020. "Forecast performance in times of terrorism," Post-Print halshs-03248938, HAL.
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.- Elmar Mertens, 2016.
"Managing Beliefs about Monetary Policy under Discretion,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 48(4), pages 661-698, June.
- Elmar Mertens, 2008. "Managing Beliefs about Monetary Policy under Discretion?," Working Papers 08.02, Swiss National Bank, Study Center Gerzensee.
- Elmar Mertens, 2010. "Managing beliefs about monetary policy under discretion," Finance and Economics Discussion Series 2010-11, Board of Governors of the Federal Reserve System (U.S.).
- Lars E. O. Svensson, 2003.
"What Is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules,"
Journal of Economic Literature, American Economic Association, vol. 41(2), pages 426-477, June.
- Lars E.O. Svensson, 2002. "What Is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules," Working Papers 118, Princeton University, Department of Economics, Center for Economic Policy Studies..
- Lars E. O. Svensson, 2003. "What is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules," NBER Working Papers 9421, National Bureau of Economic Research, Inc.
- Alex Cukierman, 2009.
"The Limits of Transparency,"
Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 38(1‐2), pages 1-37, February.
- Alex Cukierman, 2007. "The limits of transparency," Proceedings, Federal Reserve Bank of San Francisco.
- Cukierman, Alex, 2007. "The Limits of Transparency," CEPR Discussion Papers 6475, C.E.P.R. Discussion Papers.
- Pelin Ilbas, 2006.
"Optimal Monetary Policy rules for the Euro area in a DSGE framework,"
Working Papers of Department of Economics, Leuven
ces0613, KU Leuven, Faculty of Economics and Business (FEB), Department of Economics, Leuven.
- Pelin Ilbas, 2007. "Optimal Monetary Policy Rules for the Euro Area in a DSGE Framework," Money Macro and Finance (MMF) Research Group Conference 2006 59, Money Macro and Finance Research Group.
- Berger, Wolfram & Kißmer, Friedrich, 2013. "Central bank independence and financial stability: A tale of perfect harmony?," European Journal of Political Economy, Elsevier, vol. 31(C), pages 109-118.
- 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).
- Gregory E. Givens, 2012.
"Estimating Central Bank Preferences under Commitment and Discretion,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44(6), pages 1033-1061, September.
- Gregory E. Givens, 2012. "Estimating Central Bank Preferences under Commitment and Discretion," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44(6), pages 1033-1061, September.
- Gregory Erin Givens, 2009. "Estimating Central Bank Preferences under Commitment and Discretion," Working Papers 200905, Middle Tennessee State University, Department of Economics and Finance.
- Junhan Kim, 2011. "Inflation Targeting as Constrained Discretion," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(7), pages 1505-1522, October.
- Cukierman, Alex, 2008.
"Central bank independence and monetary policymaking institutions -- Past, present and future,"
European Journal of Political Economy, Elsevier, vol. 24(4), pages 722-736, December.
- Alex Cukierman, 2007. "Central Bank Independence and Monetary Policymaking Institutions: Past, Present, and Future," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 54(4), pages 367-395.
- Alex Cukierman, 2006. "Central Bank Independence and Monetary Policy Making Institutions: Past, Present, and Future," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 9(1), pages 5-23, April.
- Alex Cukierman, 2006. "Central Bank Independence and Monetary Policymaking Institutions: Past, Present, and Future," Working Papers Central Bank of Chile 360, Central Bank of Chile.
- Cukierman, Alex, 2007. "Central Bank Independence and Monetary Policymaking Institutions - Past Present and Future," CEPR Discussion Papers 6441, C.E.P.R. Discussion Papers.
- Elmar Mertens, 2010. "Discreet Commitments and Discretion of Policymakers with Private Information," 2010 Meeting Papers 763, Society for Economic Dynamics.
- Marcelo De Carvalho Griebeler, 2016. "On The Existence Of Loss Function For Some Useful Classes Of Central Bankers," Anais do XLII Encontro Nacional de Economia [Proceedings of the 42nd Brazilian Economics Meeting] 121, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
- BIKAI, J. Landry & KENKOUO, Guy Albert, 2015. "Analysis and evaluation of the Monetary Policy Transmission Channels in the CEMAC: A SVAR and SPVAR Approaches," MPRA Paper 78227, University Library of Munich, Germany.
- Michael Paetz, 2007. "Robust Control and Persistence in the New Keynesian Economy," Quantitative Macroeconomics Working Papers 20711, Hamburg University, Department of Economics.
- repec:hal:spmain:info:hdl:2441/f4rshpf3v1umfa09lat09b1bg is not listed on IDEAS
- repec:spo:wpmain:info:hdl:2441/f4rshpf3v1umfa09lat09b1bg is not listed on IDEAS
- 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.
- Rupert, Peter & Šustek, Roman, 2019.
"On the mechanics of New-Keynesian models,"
Journal of Monetary Economics, Elsevier, vol. 102(C), pages 53-69.
- Rupert, Peter & Šustek, Roman, 2016. "On the mechanics of New-Keynesian models," LSE Research Online Documents on Economics 86239, London School of Economics and Political Science, LSE Library.
- Roman Sustek & Peter Rupert, 2016. "On the Mechanics of New-Keynesian Models," 2016 Meeting Papers 201, Society for Economic Dynamics.
- Peter Rupert & Roman Šustek, 2016. "On the Mechanics of New-Keynesian Models," Working Papers 784, Queen Mary University of London, School of Economics and Finance.
- Peter Rupert & Roman Sustek, 2016. "On the Mechanics of New Keynesian Models," Discussion Papers 1608, Centre for Macroeconomics (CFM), revised Mar 2016.
- Mash, Richard, 2002.
"New Keynesian Microfoundations Revisited: A Generalised Calvo-Taylor Model and the Desirability of Inflation vs. Price Level Targeting,"
Royal Economic Society Annual Conference 2002
138, Royal Economic Society.
- Richard Mash, 2002. "New Keynesian Microfundations Revisited: A Generalised Calvo-Taylor Model and the Desirability of Inflation vs. Price Level Targeting," Economics Series Working Papers 109, University of Oxford, Department of Economics.
- Aoki, Kosuke, 2006.
"Optimal commitment policy under noisy information,"
Journal of Economic Dynamics and Control, Elsevier, vol. 30(1), pages 81-109, January.
- Aoki, Kosuke, 2002. "Optimal Commitment Policy Under Noisy Information," CEPR Discussion Papers 3370, C.E.P.R. Discussion Papers.
- W A Razzak, 2002. "Monetary policy and forecasting inflation with and without the output gap," Reserve Bank of New Zealand Discussion Paper Series DP2002/03, Reserve Bank of New Zealand.
- Fendoğlu, Salih, 2014.
"Optimal monetary policy rules, financial amplification, and uncertain business cycles,"
Journal of Economic Dynamics and Control, Elsevier, vol. 46(C), pages 271-305.
- Salih Fendoglu, 2011. "Optimal Monetary Policy Rules, Financial Amplification, and Uncertain Business Cycles," Working Papers 1126, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
- Richard Dennis & Kai Leitemo & Ulf Soderstrom, 2006.
"Monetary Policy in a Small Open Economy with a Preference for Robustness,"
Working Papers
316, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Söderström, Ulf & Leitemo, Kai & ,, 2007. "Monetary Policy in a Small Open Economy with a Preference for Robustness," CEPR Discussion Papers 6067, C.E.P.R. Discussion Papers.
- Richard Dennis & Kai Leitemo & Ulf Soderstrom, 2007. "Monetary policy in a small open economy with a preference for robustness," Working Paper Series 2007-04, Federal Reserve Bank of San Francisco.
More about this item
Keywords
Anchoring expectations; Reputation; Return to price stability;All these keywords.
JEL classification:
- E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
NEP fields
This paper has been announced in the following NEP Reports:- NEP-CBA-2015-09-26 (Central Banking)
- NEP-MAC-2015-09-26 (Macroeconomics)
- NEP-MON-2015-09-26 (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:cpr:ceprdp:10827. 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: the person in charge (email available below). General contact details of provider: https://www.cepr.org .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.