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| Tekijä: | Svensson, L. |
| Otsikko: | Optimal inflation targets, "conservative" central banks, and linear inflation contracts |
| Lehti: | American Economic Review
1997 : MAR, VOL. 87:1, p. 98-114 |
| Asiasana: | ECONOMICS INFLATION RATES CENTRAL BANKS |
| Kieli: | eng |
| Tiivistelmä: | Inflation-targeting regimes (like those of New Zealand, Canada, the United Kingdom, and Sweden) are interpreted as having explicit inflation targets and implicit employment targets. Without employment persistence, an "inflation-target-conservative" central bank eliminates the inflation bias, mimics an optimal inflation contract, and dominates a Rogoff "weight-conservative" central bank. With employment persistence, a state-contingent inflation bias and a stabilization bias also arise. |
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