G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w6545
来源IDWorking Paper 6545
Open-Economy Inflation Targeting
Lars E. O. Svensson
发表日期2000-06-01
出版年2000
语种英语
摘要The paper extends previous analysis of closed-economy inflation targeting to a small open economy with forward-looking aggregate supply and demand with some microfoundations, and with stylized realistic lags in the different transmission channels for monetary policy. The paper compares targeting of CPI and domestic inflation, strict and flexible inflation targeting, and inflation-targeting reaction functions and the Taylor rule. The optimal monetary policy response to several different shocks is examined. Flexible CPI-inflation targeting stands out as successful in limiting not only the variability of CPI inflation but also the variability of the output gap and the real exchange rate. Somewhat counter to conventional wisdom, negative productivity supply shocks and positive demand shocks have similar effects on inflation and the output gap, and induce similar monetary policy responses. The model gives limited support for a so-called monetary conditions index, MCI, of the monetary policy impact on aggregate demand, but the impact on inflation is too complex to be captured by any single index. The index differs from currently used indices in combing (1) a long rather than a short real interest rate with the real exchange rate and (2) expected future values rather than current values. Because of (2), the index is not directly observable and verifiable to external observers.
主题Macroeconomics ; Monetary Policy
URLhttps://www.nber.org/papers/w6545
来源智库National Bureau of Economic Research (United States)
引用统计
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/565290
推荐引用方式
GB/T 7714
Lars E. O. Svensson. Open-Economy Inflation Targeting. 2000.
条目包含的文件
文件名称/大小 资源类型 版本类型 开放类型 使用许可
w6545.pdf(1856KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Lars E. O. Svensson]的文章
百度学术
百度学术中相似的文章
[Lars E. O. Svensson]的文章
必应学术
必应学术中相似的文章
[Lars E. O. Svensson]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w6545.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。