Inflation Targeting, Learning and Q Volatility in Small Open Economies
Опубликовано на портале: 17-12-2007
Journal of Economic Dynamics and Control.
2007.
Vol. 31.
No. 11.
P. 3699-3722.
Тематические разделы:
This paper examines the welfare implications of managing asset-price with consumer-price
inflation targeting by monetary authorities who have to learn the laws of motion
for both inflation rates. The central bank can reduce the volatility of consumption
as well as improve welfare more effectively if it adopts state-contingent Taylor
rules aimed at inflation and Q-growth targets in this learning environment. However,
under perfect model certainty, pure inflation targeting dominates combined consumer
and asset-price inflation targeting.
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