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The A W Phillips memorial lecture to the New Zealand Association of Economists: Monetary Policy – should it move onto a price level target?

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Author Info

  • Patrick Minford

    (Cardiff University)

Abstract

We examine whether inflation targeting should be regarded as optimal. Targeting inflation implies (undesirably) that price level variance tends to infinity: we produce some evidence from both a representative agent model and a long-used forecasting model that, once an endogenous indexation response is allowed for, price level targeting imposes no extra costs of macro variability, indeed gives significant gains.

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File URL: http://128.118.178.162/eps/mac/papers/0409/0409020.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 0409020.

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Length: 20 pages
Date of creation: 22 Sep 2004
Date of revision:
Handle: RePEc:wpa:wuwpma:0409020

Note: Type of Document - pdf; pages: 20
Contact details of provider:
Web page: http://128.118.178.162

Related research

Keywords: montary policy targeting;

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Cited by:
  1. Julian A. Parra-Polania & Luisa F. Acuña-Roa, 2013. "Price-Level Targeting: an omelette that requires breaking some Inflation-Targeting eggs?," BORRADORES DE ECONOMIA 010984, BANCO DE LA REPÚBLICA.

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