| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP956 |
| DP956 Unification and the Policy Predicament in Germany | |
| Jacques MELITZ; Yue Ma; Andrew Hughes Hallett | |
| 发表日期 | 1994-05-30 |
| 出版年 | 1994 |
| 语种 | 英语 |
| 摘要 | A simple test of inflation target credibility is constructed by subtracting the maximum and minimum inflation rates consistent with the inflation targets from the yields to maturity on nominal bonds. This results in a target-consistent range of real yields on nominal bonds. If expected real yields, or market real interest rates on real bonds if they are available, fall outside the range of target-consistent real yields, credibility is rejected. Two concepts of credibility, called absolute credibility and credibility in expectation, are distinguished. The credibility of inflation targets of Canada, New Zealand and Sweden are examined diagrammatically. |
| 主题 | International Macroeconomics |
| 关键词 | Inflation expectations monetary policy Term structure of interest rates |
| URL | https://cepr.org/publications/dp956 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530089 |
| 推荐引用方式 GB/T 7714 | Jacques MELITZ,Yue Ma,Andrew Hughes Hallett. DP956 Unification and the Policy Predicament in Germany. 1994. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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