Inflation Targeting, Asset Prices and Financial Imbalances: Conceptualizing the Debate
Inflation Targeting, Asset Prices and Financial Imbalances: Conceptualizing the Debate
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通胀目标、资产价格和金融失衡：概念化辩论
DOI：
10.2139/ssrn.781224
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发表时间：
2005
期刊：
影响因子：
--
通讯作者：
Piti Disyatat
中科院分区：
文献类型：
--
作者：
Piti Disyatat
本文试图从理论上最优的政策反应的角度来概念化关于资产价格和感知的金融失衡在货币政策形成中的作用的争论。虽然许多分歧可以在灵活的通货膨胀目标框架内得到调和，这种框架被定义为对目标规则的承诺，但如果不修改目标规则或基本模式，就无法在这种框架内采取先发制人的政策行动，防止金融失衡的加剧。鉴于标准的预测模型，这些行动被证明是操作上等同于针对金融失衡明确在中央银行损失函数。
This paper attempts to conceptualize the debate regarding the role of asset prices and perceived financial imbalances in the formation of monetary policy from the perspective of theoretically optimal policy responses. While much of the disagreement can be reconciled within the framework of flexible inflation targeting, defined as a commitment to a targeting rule, preemptive policy actions against the build-up of financial imbalances cannot be motivated within such a framework without modification either to the targeting rule or the underlying model. Given standard forecasting models, such actions are shown to be operationally equivalent to targeting financial imbalances explicitly in the central bank loss function.