Price Level Targeting vs. Inflation Targeting: A Free Lunch?
Price Level Targeting vs. Inflation Targeting: A Free Lunch?
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价格水平目标与通胀目标：免费午餐？
DOI：
10.3386/w5719
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发表时间：
1996
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
将价格水平目标（无基本漂移）和通货膨胀目标（有基本漂移）与产出持久性（例如，由粘性价格产生）进行比较。与传统观点相反，价格水平目标导致的短期通胀波动性低于通胀目标（如果产出至少具有适度的持续性）。价格水平目标还消除了任何平均通胀偏差。如果社会有与通货膨胀目标相对应的偏好，它可能仍然更愿意将价格水平目标分配给央行。因此，价格水平目标似乎比普遍承认的更有优势。关键词：价格稳定、通货膨胀目标、规则、自由裁量权 JEL 分类号：E42、E52、E58 ¤感谢 George Akerlof、Alan Blinder、Guy Debelle、Jon Faust、Stanley Fischer、John Hassler、Dale Henderson、Michael Kiley、Miles Kimball、David Lebow、Frederic Mishkin、Torsten Persson、Carl Walsh、CEPR 研讨会的参与者米兰 IGIER、IIES、日内瓦研究生院、NBER 夏季学院货币经济学研讨会、蒂尔堡大学、加州大学伯克利分校和加州大学圣克鲁斯分校举办的货币研讨会。我还要感谢 Marten Blix 提供的研究协助，以及 Maria Gil 和 Christina Lonnblad 提供的秘书和编辑协助。所表达的观点以及任何错误和含糊之处均由我自己负责。
Price level targeting (without base drift) and ination targeting (with base drift) are compared, with persistence in output (generated by sticky prices, for instance). Counter to conventional wisdom, price level targeting results in lower short-run ination variability than ination targeting (if output is at least moderately persistent). Price level targeting also eliminates any average ination bias. In case society has preferences corresponding to ination targeting, it may nevertheless prefer to assign price level targeting to the central bank. Price level targeting thus appears to have more advantages than commonly acknowledged. Keywords: Price stability, ination targets, rules, discretion JEL Classi
cation Numbers: E42, E52, E58 ¤I thank George Akerlof, Alan Blinder, Guy Debelle, Jon Faust, Stanley Fischer, John Hassler, Dale Henderson, Michael Kiley, Miles Kimball, David Lebow, Frederic Mishkin, Torsten Persson, Carl Walsh, participants in seminars at the CEPR Money Workshop at IGIER, Milan, IIES, Institute for Graduate Studies, Geneva, NBER Summer Institute Monetary Economics Workshop, Tilburg University, University of California, Berkeley, and University of California, Santa Cruz. I also thank Marten Blix for research assistance, and Maria Gil and Christina Lonnblad for secreterial and editorial assistance. Expressed views as well as any errors and obscurities are my own responsibility.