Inflation targeting and macroeconomic stability in a Post Keynesian economy
Inflation targeting and macroeconomic stability in a Post Keynesian economy
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后凯恩斯主义经济中的通胀目标和宏观经济稳定
DOI：
10.2753/pke0160-3477300307
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发表时间：
2008
影响因子：
1
通讯作者：
M. Setterfield
中科院分区：
文献类型：
--
作者：
Gilberto Tadeu Lima;M. Setterfield
本文考察了通货膨胀目标制与后凯恩斯主义经济的兼容性。我们表明，在后凯恩斯主义环境中，只要选择适当的政策组合，政策制定者可以设定并实现通胀目标，而不会对真实的经济产生不利影响。研究了决策者在做出这一选择时的自由度。我们的一个关键结果是，正统的政策制度不提供适当的政策组合。事实上，政策体系越正统，后凯恩斯经济中的通胀目标制就越不可行。
This paper examines the compatibility of inflation targeting with an economy that is Post Keynesian in character. We show that in a Post Keynesian environment, policymakers can both set and achieve an inflation target without adverse consequences for the real economy, as long as an appropriate policy mix is chosen. The latitude that policymakers have in making this choice is investigated. One of our key results is that orthodox policy regimes do not provide appropriate policy mixes. Indeed, the more orthodox the policy regime becomes, the less viable is inflation targeting in a Post Keynesian economy.