全球智库信息集成服务系统(G2TT): DP2212 Normative Aspects of Fiscal Policy in an Economic Union: a Review

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP2212
	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
URL	https://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.