| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP3766
|
| DP3766 Optimal Competition: A Benchmark for Competition Policy |
| jan boone
|
| 发表日期 | 2003-02-23
|
| 出版年 | 2003
|
| 语种 | 英语
|
| 摘要 | The United Kingdom is a highly open economy, and has a monetary policy strategy of targeting inflation in consumer prices. In this Paper, we look at the evidence from the UK on inflation behaviour, and examine the propositions from several theoretical models about inflation dynamics in an open economy, focusing in particular on the hypothesised connections between the exchange rate and consumer price inflation. Theoretical open-economy macroeconomic models ?cover the waterfront? on this issue, ranging from ?exchange rate disconnect? to a rigid link between nominal exchange rate changes and inflation. We estimate on UK data the open-economy Phillips curves implied by the alternative explanations. We argue that, of the alternatives considered, only a model where imports are modelled as an intermediate good, as in McCallum and Nelson (1999), provides a reasonable match with the data. Unlike the standard model, in which imports are treated as a final consumer good, the intermediate-goods specification provides support for a policy of CPI inflation targeting. |
| 主题 | International Macroeconomics
|
| 关键词 | Cpi inflation targeting
Monetary policy rules
Exchange-rate pass-through
Intermediate goods
Uk inflation
|
| URL | https://cepr.org/publications/dp3766
|
| 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/532770
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推荐引用方式
GB/T 7714 |
jan boone. DP3766 Optimal Competition: A Benchmark for Competition Policy. 2003.
|
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