| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2005 |
| DP2005 Diversity and Trade | |
| Gene Grossman; Giovanni Maggi | |
| 发表日期 | 1998-10-31 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | The paper examines inflation targeting in a small open economy with forward-looking aggregate supply and demand with microfoundations, and with stylised realistic lags in the different monetary-policy transmission channels. The paper compares strict and flexible targeting of CPI and domestic inflation and inflation-targeting reaction functions and the Taylor rule. Flexible CPI-inflation targeting does not only limit the variability of CPI inflation but also the variability of the output gap and the real exchange rate. Negative productivity supply shocks and positive demand shocks have similar effects on inflation and the output gap and induce similar monetary policy responses. |
| 主题 | International Macroeconomics |
| 关键词 | Price stability Transmission mechanisms |
| URL | https://cepr.org/publications/dp2005 |
| 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/531133 |
| 推荐引用方式 GB/T 7714 | Gene Grossman,Giovanni Maggi. DP2005 Diversity and Trade. 1998. |
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