G2TT
来源类型Discussion paper
规范类型论文
来源IDDP2212
DP2212 Normative Aspects of Fiscal Policy in an Economic Union: a Review
Apostolis Philippopoulos; Tryphon Kollintzas; Vanghelis Vassilatos
发表日期1999-08-31
出版年1999
语种英语
摘要This paper discusses how price stability can be defined and how price stability can be maintained in practice. Some lessons for the Eurosystem are also considered. With regard to defining price stability, the choice between price-level stability and low (including zero) inflation and the decisions about the price index, the quantitative target and the role of output stabilization are examined. With regard to maintaining price stability, three main alternatives are considered, namely commitment to a simple instrument rule (like a Taylor rule), forecast targeting (like inflation-forecast targeting) and intermediate targeting (like money-growth targeting). A simple instrument rule does not provide a substitute for a systematic framework for monetary policy decisions. Such a framework is instead provided by forecast targeting. Forecast targeting can incorporate judgemental adjustments, extra-model information, and different indicators (including indicators of "risks to price stability"). By extending mean }forecast targeting to distribution forecast targeting, nonlinearity, nonadditive uncertainty and model uncertainty can be incorporated. Eurosystem arguments in favor of its money-growth indicator and against inflation-forecast targeting are scrutinized and found unconvincing.
主题International Macroeconomics
关键词Eurosystem Inflation targeting Intermediate targeting Monetary targeting
URLhttps://cepr.org/publications/dp2212
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/531318
推荐引用方式
GB/T 7714
Apostolis Philippopoulos,Tryphon Kollintzas,Vanghelis Vassilatos. DP2212 Normative Aspects of Fiscal Policy in an Economic Union: a Review. 1999.
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