Is there a Case for Price-level Targeting?:
There is a case, but there are also counter-arguments. With sufficient forward-looking behaviour among firms and households, price-level targeting can act as a powerful built-in stabiliser through automatic shifts in inflation expectations. This stabilisation mechanism reduces the need for large shi...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
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Paris
OECD Publishing
2009
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| Schriftenreihe: | OECD Economics Department Working Papers
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| Schlagworte: | |
| Online-Zugang: | UBA01 UBG01 UEI01 UER01 UPA01 UBR01 UBW01 FFW01 FNU01 EUV01 FRO01 FHR01 FHN01 TUM01 FHI01 UBM01 Volltext |
| Zusammenfassung: | There is a case, but there are also counter-arguments. With sufficient forward-looking behaviour among firms and households, price-level targeting can act as a powerful built-in stabiliser through automatic shifts in inflation expectations. This stabilisation mechanism reduces the need for large shifts in policy rates, alleviating the risk of hitting the zero lower bound of nominal interest rates and falling into a liquidity trap. Furthermore, credible price-level targeting can support capital accumulation by protecting the long-run purchasing power of money and reducing the inflation risk premium embedded in actual long-term real interest rates. However, price-level targeting can imply welfare-reducing policy-induced output volatility in situations where the degree of forward-looking behaviour is very low. The self-regulating capacity of price-level targeting can be undermined if central banks are not fully credible. Besides, aggressive inflation targeting can replicate some of (but not all) the benefits of price-level targeting. On balance, the case for adopting price-level targeting is not clear-cut, all the more so since transition costs are likely to be significant |
| Beschreibung: | 1 Online-Ressource (26 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/221824208526 |
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Datensatz im Suchindex
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| spelling | Cournède, Boris Verfasser aut Is there a Case for Price-level Targeting? Boris Cournède and Diego Moccero = Y a-t-il beaucoup à dire en faveur du ciblage du niveau des prix ? / Boris Cournède et Diego Moccero Y a-t-il beaucoup à dire en faveur du ciblage du niveau des prix ? Paris OECD Publishing 2009 1 Online-Ressource (26 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers There is a case, but there are also counter-arguments. With sufficient forward-looking behaviour among firms and households, price-level targeting can act as a powerful built-in stabiliser through automatic shifts in inflation expectations. This stabilisation mechanism reduces the need for large shifts in policy rates, alleviating the risk of hitting the zero lower bound of nominal interest rates and falling into a liquidity trap. Furthermore, credible price-level targeting can support capital accumulation by protecting the long-run purchasing power of money and reducing the inflation risk premium embedded in actual long-term real interest rates. However, price-level targeting can imply welfare-reducing policy-induced output volatility in situations where the degree of forward-looking behaviour is very low. The self-regulating capacity of price-level targeting can be undermined if central banks are not fully credible. Besides, aggressive inflation targeting can replicate some of (but not all) the benefits of price-level targeting. On balance, the case for adopting price-level targeting is not clear-cut, all the more so since transition costs are likely to be significant Economics Moccero, Diego ctb https://doi.org/10.1787/221824208526 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Cournède, Boris Is there a Case for Price-level Targeting? Economics |
| title | Is there a Case for Price-level Targeting? |
| title_alt | Y a-t-il beaucoup à dire en faveur du ciblage du niveau des prix ? |
| title_auth | Is there a Case for Price-level Targeting? |
| title_exact_search | Is there a Case for Price-level Targeting? |
| title_exact_search_txtP | Is there a Case for Price-level Targeting? |
| title_full | Is there a Case for Price-level Targeting? Boris Cournède and Diego Moccero = Y a-t-il beaucoup à dire en faveur du ciblage du niveau des prix ? / Boris Cournède et Diego Moccero |
| title_fullStr | Is there a Case for Price-level Targeting? Boris Cournède and Diego Moccero = Y a-t-il beaucoup à dire en faveur du ciblage du niveau des prix ? / Boris Cournède et Diego Moccero |
| title_full_unstemmed | Is there a Case for Price-level Targeting? Boris Cournède and Diego Moccero = Y a-t-il beaucoup à dire en faveur du ciblage du niveau des prix ? / Boris Cournède et Diego Moccero |
| title_short | Is there a Case for Price-level Targeting? |
| title_sort | is there a case for price level targeting |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/221824208526 |
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