G2TT
来源类型Discussion paper
规范类型论文
来源IDDP2329
DP2329 One Money, One Market: Estimating the Effect of Common Currencies on Trade
Andrew Rose
发表日期1999-12-17
出版年1999
语种英语
摘要The paper discusses several issues related to how monetary policy should be conducted in an era of price stability. Low inflation (with base drift in the price level) and price-level stability (without such base drift) are compared, and a suitable loss function (corresponding to flexible inflation targeting) is discussed, including the index and level for the inflation target. Three ways of maintaining price stability are examined, namely (1) a commitment to a simple instrument rule, (2) "forecast targeting," and (3) monetary targeting. Both (1) and (3) are found to be inferior to forecast targeting. The benefits of credibility (private inflation expectations coinciding with the inflation target) are discussed. Credibility improves the tradeoff between inflation variability, output-gap variability and instrument variability and makes it easier for the central bank to meet is inflation target. The threat of deflation and a liquidity trap is examined. Transparent inflation targeting and a contingency plan with emergency measures, including a coordinated fiscal and monetary expansion, are likely to avoid a liquidity trap, but also contribute to escaping from one if already trapped.
主题International Macroeconomics
关键词Credibility Deflation Inflation target Liquidity trap Price-level targeting
URLhttps://cepr.org/publications/dp2329
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/531420
推荐引用方式
GB/T 7714
Andrew Rose. DP2329 One Money, One Market: Estimating the Effect of Common Currencies on Trade. 1999.
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