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Inflation Targeting and Output Stability
Mr.Esteban Jadresic
出版
International Monetary Fund
, 1999-04-01
主題
Business & Economics / Money & Monetary Policy
Business & Economics / Production & Operations Management
Business & Economics / Inflation
ISBN
1451848153
9781451848151
URL
http://books.google.com.hk/books?id=5lMYEAAAQBAJ&hl=&source=gbs_api
EBook
SAMPLE
註釋
This paper reexamines the effects of inflation targeting on output stability. It considers an economy with staggered price setting that is exposed to price shocks and where the policymaker cannot observe the current realizations of aggregate output and inflation. The paper shows that, if some price shocks can be anticipated, the effects of inflation targeting depend critically on the inflation indicator being targeted. Specifically, targeting headline inflation can severely destabilize output, while targeting inflation indicator of sticky prices may eliminate that problem and make the response of the output gap to aggregate shocks short-lived.