Price level targeting and the delegation issue in an open economy
AbstractA weight-conservative central banker setting policy with discretion and stabilizing the real exchange-rate-adjusted (REX) price level and the output gap can replicate the behavior of the rate of REX inflation and the output gap under policy from a timeless perspective.
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Bibliographic InfoArticle provided by Elsevier in its journal Economics Letters.
Volume (Year): 122 (2014)
Issue (Month): 1 ()
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Web page: http://www.elsevier.com/locate/ecolet
Price level targeting; Real-exchange-rate adjusted price level; CPI; Domestic price level; Conservative central banker;
Find related papers by JEL classification:
- E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
- F3 - International Economics - - International Finance
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