The Inflation-Output Variability Tradeoff and Price-Level Targets
The Inflation-Output Variability Tradeoff and Price-Level Targets
复制标题
通胀-产出波动权衡和物价水平目标
DOI：
10.20955/r.81.23-32
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发表时间：
1999
影响因子：
1.7
通讯作者：
Finn E. Kydland
中科院分区：
文献类型：
--
作者：
R. Dittmar;W. Gavin;Finn E. Kydland
在这篇文章中，作者描述了一个流行的货币政策框架的基础上，新古典菲利普斯曲线模型。在这里，通货膨胀目标和价格水平目标之间的选择取决于真实的产出的特征。如果产出缺口相对持久，那么以价格水平为目标会给央行带来一套更好的政策选择。作者提出的证据表明，从G-10国家传统衡量的产出差距是高度持久的。假设理性预期和这个菲利普斯曲线模型的政策含义是，中央银行应该为价格水平而不是通胀率设定目标。
In this article, the authors describe a popular monetary policy framework based on a neoclassical Phillips Curve model. Here, the choice between an inflation target and a price-level target depends on characteristics of real output. If the output gap is relatively persistent, then targeting the price level results in a better set of policy options for the central bank. The authors present evidence from the G-10 countries showing that conventionally measured output gaps are highly persistent. The policy implication of assuming rational expectations and this Phillips Curve model is that central banks should set objectives for a price level, not an inflation rate.