| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2328 |
| DP2328 Monetary Policy Committees: Individual and Collective Reputations | |
| Anne Sibert | |
| 发表日期 | 1999-12-17 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | Within a simple New Keynesian model emphasizing forward-looking behaviour of private agents, I evaluate optimal nominal income growth targeting versus optimal inflation targeting. When the economy under consideration is mainly subject to shocks that do not involve monetary policy trade-offs for society, inflation targeting is preferable. Otherwise, nominal income growth targeting may be superior because it induces inertial interest rate behaviour that improves the inflation-output gap trade-off. Somewhat paradoxically, inflation targeting is relatively less favourable the more society cares for inflation, and the more persistent are the effects of inflation-generating shocks. |
| 主题 | International Macroeconomics |
| 关键词 | Inflation targeting Interest rate inertia monetary policy Nominal income growth targeting |
| URL | https://cepr.org/publications/dp2328 |
| 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/531419 |
| 推荐引用方式 GB/T 7714 | Anne Sibert. DP2328 Monetary Policy Committees: Individual and Collective Reputations. 1999. |
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