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| Author: | Smith, B. |
| Title: | Efficiency and determinacy of equilibrium under inflation targeting |
| Journal: | Economic Theory
1994 : VOL. 4:3, p. 327-344 |
| Index terms: | EFFICIENCY INFLATION ECONOMIC THEORY |
| Language: | eng |
| Abstract: | The objective of this paper is to consider formally various methods that are often advocated for attaining a given desired inflation rate. These methods are evaluated on the following bases: (a) are they consistent with the existence of an equilibrium for a wide variety of target price levelpaths? (b) do they support only equilibria with the desired inflation rate (or price level path), or are there many equilibria with different possible paths for the price level? |
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