Open-Economy Inflation Targeting
Open-Economy Inflation Targeting
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开放经济通胀目标
DOI：
10.2139/ssrn.30745
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发表时间：
1997
期刊：
影响因子：
--
通讯作者：
Lars E. O. Svensson
中科院分区：
文献类型：
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作者：
Lars E. O. Svensson
本文将以往对封闭经济通胀目标制的分析扩展到一个总供求具有前瞻性、不同货币政策传导渠道具有程式化现实滞后性的小型开放经济体。本文对CPI目标制与国内通胀目标制、严格的显性通胀目标制、通货膨胀目标制工具规则与泰勒规则、通货膨胀目标制与汇率目标制进行了比较。本文还阐明了当存在前瞻性预期时，如何始终如一地构建有条件的通胀预测并将其用作中间目标变量。
The paper extends previous analysis of closed-economy inflation targeting to a small open economy with forward-looking aggregate supply and demand, and with stylized realistic lags in the different transmission channels for monetary policy. The paper compares targeting of CPI and domestic inflation, strict and exhibitable inflation targeting, inflation targeting instrument rules and the Taylor Rule, and inflation targeting and exchange-rate targeting. The paper also clarifies how a conditional inflation forecasts can be consistently constructed and used as an intermediate target variable when there are forward-looking expectations.