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Inflation Targeting as a Means of Achieving Disinflation

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Author Info
Saborowski, Christian (University of Warwick)
Abstract

In this paper, we take an analytical approach to examine possible adverse effects of the use of inflation targeting as a disinflation regime. The idea is that a strict interpretation of an inflation target may preserve inflationary distortions after price stability is attained. We show that such a policy not only creates a slump in output but may increase macroeconomic volatility substantially in a model in which wages are subject to a Taylor staggering structure.

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File URL: http://www2.warwick.ac.uk/fac/soc/economics/research/papers_2009/twerp_894.pdf
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Publisher Info
Paper provided by University of Warwick, Department of Economics in its series The Warwick Economics Research Paper Series (TWERPS) with number 894.

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Length: 48 pages
Date of creation: 2009
Date of revision:
Handle: RePEc:wrk:warwec:894

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Related research
Keywords: Disinflation ; Inflation Targeting ; Wage Staggering;

Find related papers by JEL classification:
E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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This page was last updated on 2009-11-10.

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