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Zero Inflation Targets: Central Bank Commitment and Fiscal Policy Outcomes

Author

Listed:
  • Scarth, W.M.
  • Stemp, P.J.

Abstract

This paper considers a central bank with a zero inflation target and a fiscal authority with a differing objective. Examples using calibrated models explore the consequences of the fiscal authority being aware of the central bank's objective. Situations in which the fiscal authority is able to exploit the central bank's commitment to zero inflation sre examined.

Suggested Citation

  • Scarth, W.M. & Stemp, P.J., 1996. "Zero Inflation Targets: Central Bank Commitment and Fiscal Policy Outcomes," Department of Economics - Working Papers Series 527, The University of Melbourne.
    • Handle: RePEc:mlb:wpaper:527
    as

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    More about this item

    Keywords

    INFLATION; CENTRAL BANKS; FISCAL POLICY;
    All these keywords.

    JEL classification:

    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • 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
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General

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