haku: @author Alexius, A. / yhteensä: 2
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| Tekijä: | Alexius, A. |
| Otsikko: | Inflation rules with consistent escape clauses |
| Lehti: | European Economic Review
1999 : MAR, VOL. 43:3, p . 509-523 |
| Asiasana: | INFLATION MONETARY POLICY |
| Kieli: | eng |
| Tiivistelmä: | Simple inflation targets may be supplemented with an escape clause to be invoked in case the economy is hit by a major supply chock. In this paper, consistent solutions to the Flood and Isard (IMF Staff Papers, 1989, 36, 612-632) escape clause model are derived in the spirit of Lohmann (American Economic Review, 1990, 82, 273-286). This paper shows how the model can be solved and the optimal escape clause derived assuming a uniform distribution. Numerical examples suggest that the optimal boundary values in the consistent model are highly asymmetric. |
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