G2TT
来源类型Discussion paper
规范类型论文
来源IDDP14247
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
URLhttps://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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