| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21388 |
| 来源ID | Working Paper 21388 |
| What Measure of Inflation Should a Developing Country Central Bank Target? | |
| Rahul Anand; Eswar Prasad; Boyang Zhang | |
| 发表日期 | 2015-07-27 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | In closed or open economy models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. We analyze this result in the context of developing economies, where a large proportion of households are credit constrained and the share of food expenditures in total consumption expenditures is high. We develop an open economy model with incomplete financial markets to show that headline inflation targeting improves welfare outcomes. We also compute the optimal price index, which includes a positive weight on food prices but, unlike headline inflation, assigns zero weight to import prices. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy ; Fiscal Policy |
| URL | https://www.nber.org/papers/w21388 |
| 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/579063 |
| 推荐引用方式 GB/T 7714 | Rahul Anand,Eswar Prasad,Boyang Zhang. What Measure of Inflation Should a Developing Country Central Bank Target?. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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