Artikel
Price-Level Targeting – a Viable Alternative to Inflation Targeting?
The recent financial crisis that has led some central banks reaching the zero lower bound of their interest rate to use unconventional monetary policy instruments, has brought to the forefront the academic discussions on the shift from inflation targeting (IT) to price level targeting. This paper provides a comparative analysis on IT strategy and targeting the price level, assesses the implications and highlights the challenges of an eventual transition to a new monetary policy strategy. Balancing the adva ntages (mainly better anchored inflation expectations) and disadvantages (communication difficulties) generated by following a potential price-level targeting strategy and the necessary prerequisites for its functionality (predictive agents, fully familiar with the implications of such a strategy and with complete confidence in the monetary authority) has led us to the conclusion that there is no common acceptance that price level targeting strategy might replace the present IT framework.
- Sprache
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Englisch
- Erschienen in
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Journal: CES Working Papers ; ISSN: 2067-7693 ; Volume: 4 ; Year: 2012 ; Issue: 4 ; Pages: 809-823 ; Iasi: Alexandru Ioan Cuza University of Iasi, Centre for European Studies
- Klassifikation
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Wirtschaft
Price Level; Inflation; Deflation
Monetary Policy
- Thema
-
price-level targeting
inflation targeting
inflation expectations
deflation
zero-lower-bound Romania
- Ereignis
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Geistige Schöpfung
- (wer)
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Popescu, Iulian Vasile
- Ereignis
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Veröffentlichung
- (wer)
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Alexandru Ioan Cuza University of Iasi, Centre for European Studies
- (wo)
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Iasi
- (wann)
-
2012
- Handle
- Letzte Aktualisierung
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10.03.2025, 11:43 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Popescu, Iulian Vasile
- Alexandru Ioan Cuza University of Iasi, Centre for European Studies
Entstanden
- 2012
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