全球智库信息集成服务系统(G2TT): Credibility and Explicit Inflation Targeting

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w30012
来源ID	Working Paper 30012
	Credibility and Explicit Inflation Targeting
	Robert G. King; Yang K. Lu
发表日期	2022-05-09
出版年	2022
语种	英语
摘要	In his 2004 inflation targeting manifesto, Marvin Goodfriend described US monetary policy as implicit inflation targeting and advocated explicit targeting. Summarizing the 1965-2000 US inflation experience, he highlighted the importance of evolving Fed credibility, which accords with our recent work using a quantitative New Keynesian model. We define credibility as policy consistency with a publicly announced framework and develop two lessons theoretically. First, under explicit targeting, no conflict arises between flexible inflation targeting and maintaining/accumulating credibility. Second, implicit targeting reduces the effectiveness of expectations management and stabilization policy, as well as opening the door to costly inflation scare episodes
主题	Macroeconomics ; Monetary Policy
URL	https://www.nber.org/papers/w30012
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/587685
推荐引用方式 GB/T 7714	Robert G. King,Yang K. Lu. Credibility and Explicit Inflation Targeting. 2022.