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| Author: | Bae, S-K. Ratti, R.A. |
| Title: | Conservative central banks and nominal growth, exchange rate and inflation targets |
| Journal: | Economica
2008 : AUG, VOL. 75:299, p. 549-568 |
| Index terms: | economic development central banks monetary policy foreign exchange policy exchange rates models |
| Language: | eng |
| Abstract: | In this paper, a framework is developed comparing inflation biases with different target (henceforth as: tgt./tgts.) variables. A nominal growth tgt. measured in consumer prices may yield less stabilization bias (here as: s-b.) than a nominal income growth tgt. Exchange rate and inflation tgts. result in less s-b. than an income growth tgt. the more important the terms-of-trade stabilization. |
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