Price-level targeting when there is price-level drift

► Analysis of price-level targeting in a New Keynesian model with two sectors. ► Price-level and inflation targeting at short policy horizons imply high losses. ► Inflation targeting is better than price-level targeting at policy-relevant horizons. ► Welfare losses of price-level targeting remain hi...

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Veröffentlicht in:	Journal of macroeconomics 2012-09, Vol.34 (3), p.757-768
Hauptverfasser:	Gerberding, Christina, Gerke, Rafael, Hammermann, Felix
Format:	Artikel
Sprache:	eng
Schlagworte:	Central banks Commitment Cost reduction Costs Economic models Inflation Keynesian theory Macroeconomics Monetary policy Optimal monetary policy Price level Price levels Price-level targeting Studies
Online-Zugang:	Volltext
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