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Inflation Targeting and Exchange Rate Flexibility

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  • Michael Kumhof

Abstract

December 2000 This paper evaluates the performance of exchange rate, inflation and money targeting under terms of trade, real interest rate, foreign inflation and money demand shocks. Inflation targeting must target the price level as opposed to forward looking inflation for uniqueness of perfect foresight equilibria. Its performance is very similar to exchange rate targeting. Money targeting displays real exchange rate flexibility in response to foreign shocks, while exchange rate and inflation targeting permit accommodation of money demand shocks. Because of distortions temporary output booms are generally welfare improving, which makes welfare rankings among policies dependent on the direction of shocks Keywords: intellectual property rights, copyright, sui generis protection of expressive material, economics of information-goods, open science, "fair use," scientific databases. JEL Classification: H4, K39, O31, O34 -->

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Paper provided by Stanford University, Department of Economics in its series Working Papers with number 00023.

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Date of creation: Dec 2000
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Handle: RePEc:wop:stanec:00023

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Keywords: intellectual property rights; copyright; sui generis protection of expressive material; economics of information-goods; open science;

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