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Price-level Targeting versus Inflation Targeting in a Forward-looking Model

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Author Info

  • Vestin, David

    ()
    (Institute for International Economic Studies)

Abstract

This paper examines a price-level target in a model with a forward-looking Calvo-Taylor Phillips curve. Contrary to conventional wisdom, it is found that price-level targeting leads to a better trade-off between inflation and output-gap variability than inflation targeting, when the central bank acts under discretion. In some cases, price-level targeting under dircretion results in the same equilibrium as inflation targeting under commitment.

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Bibliographic Info

Paper provided by Sveriges Riksbank (Central Bank of Sweden) in its series Working Paper Series with number 106.

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Length: 37 pages
Date of creation: 01 May 2000
Date of revision:
Handle: RePEc:hhs:rbnkwp:0106

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Postal: Sveriges Riksbank, SE-103 37 Stockholm, Sweden
Phone: 08 - 787 00 00
Fax: 08-21 05 31
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Web page: http://www.riksbank.com/
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Related research

Keywords: Monetary policy; Price-level targeting; Inflation targeting;

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