Arbeitspapier
Inflation Targeting Rules: History-Dependent or Forwarding-Looking?
This paper discusses the optimal use of inflation forecasts in an inflation targeting setting with reaction and implementation lags. It distinguishes between the optimality of history-dependence versus forward-lookingness in monetary policymaking. It is shown that monetary policy strategy is inverted relative to private sector pricing behaviour: if private sector price setting is backward-looking, policy should be forward-looking, and vice versa.
- ISBN
-
82-7553-201-9
- Language
-
Englisch
- Bibliographic citation
-
Series: Working Paper ; No. 2002/10
- Classification
-
Wirtschaft
Monetary Policy
Policy Objectives; Policy Designs and Consistency; Policy Coordination
- Subject
-
monetary policy
targeting rule
optimal horizon
history dependence
- Event
-
Geistige Schöpfung
- (who)
-
Leitemo, Kai
- Event
-
Veröffentlichung
- (who)
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Norges Bank
- (where)
-
Oslo
- (when)
-
2002
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Leitemo, Kai
- Norges Bank
Time of origin
- 2002
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