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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP14247 |
DP14247 Monetary Policy Strategies for the Federal Reserve | |
Lars E.O. Svensson | |
发表日期 | 2019-12-25 |
出版年 | 2019 |
语种 | 英语 |
摘要 | The paper finds that the general monetary policy strategy of "forecast targeting" is more suitable for fulfilling the Federal Reserve's dual mandate of maximum employment and price stability than following a simple "instrument" rule such as a Taylor-type rule. Forecast targeting can be used for any of the more specific strategies of annual-inflation targeting, price-level targeting, temporary price-level targeting, average-inflation targeting, and nominal-GDP targeting. These specific strategies are examined and evaluated according to how well they may fulfill the dual mandate, considering the possibilities of a binding effective lower bound for the federal funds rate and a flatter Phillips curve. Nominal-GPD targeting has substantial both principal and practical disadvantages and is found to be inferior to the other strategies. Average-inflation targeting is found to have some advantages over the other strategies. |
主题 | Monetary Economics and Fluctuations |
URL | https://cepr.org/publications/dp14247 |
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/543133 |
推荐引用方式 GB/T 7714 | Lars E.O. Svensson. DP14247 Monetary Policy Strategies for the Federal Reserve. 2019. |
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