haku: @indexterm Stabilization / yhteensä: 202
viite: 63 / 202
| Tekijä: | Canzoneri, M. B. Nolan, C. Yates, A. |
| Otsikko: | Mechanisms for achieving monetary stability: Inflation targeting versus ERM |
| Lehti: | Journal of Money, Credit and Banking
1997 : FEB, VOL. 29:1, p. 46-60 |
| Asiasana: | MONETARY POLICY STABILIZATION INFLATION |
| Kieli: | eng |
| Tiivistelmä: | In this study Barro-Gordon model is modified so that a credibility-stabilization trade-off remains, also when a performance contract of the type envisaged by Walsh (1995) is imposed on the central bank governor. This is done by modeling a real interest rate bias along with the inflation bias. How inflation penalties may actually be imposed on a central bank, is discussed. Will "inflation targeting" bring a better resolution to the credibility-stabilization trade-off than the ERM, is also discussed. |
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