Arbeitspapier
Performance of inflation targeting based on constant interest rate projections
Monetary policy is sometimes formulated in terms of a target level of inflation, a fixed time horizon and a constant interest rate that is anticipated to achieve the target at the specified horizon. These requirements lead to constant interest rate (CIR)instrument rules. Using the standard New Keynesian model, it is shown that some forms of CIR policy lead to both indeterminacy of equilibria and instability under adaptive learning. However, some other forms of CIR policy perform better. We also examine the properties of the different policy rules in the presence of inertial demand and price behaviour.
- Sprache
-
Englisch
- Erschienen in
-
Series: CFS Working Paper ; No. 2003/39
- Klassifikation
-
Wirtschaft
Monetary Policy
Policy Objectives; Policy Designs and Consistency; Policy Coordination
Business Fluctuations; Cycles
- Thema
-
Indeterminacy
instability under learning
inflation targeting
inertia in demand
inflation inertia
Inflation Targeting
Zins
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Honkapohja, Seppo
Mitra, Kaushik
- Ereignis
-
Veröffentlichung
- (wer)
-
Goethe University Frankfurt, Center for Financial Studies (CFS)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2003
- Handle
- URN
-
urn:nbn:de:hebis:30-10441
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Honkapohja, Seppo
- Mitra, Kaushik
- Goethe University Frankfurt, Center for Financial Studies (CFS)
Entstanden
- 2003
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