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Getting it Right When You Might Be Wrong: The Choice Between Price-Level and Inflation Targeting

  • Jean Boivin

    (HEC Montreal)

Canada’s 2 percent inflation targeting program works pretty well – but could targeting the price level work even better, especially when inflation and the price level might not be perfectly observed?

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Article provided by C.D. Howe Institute in its journal C.D. Howe Institute Commentary.

Volume (Year): (2009)
Issue (Month): 297 (September)
Pages:

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Handle: RePEc:cdh:commen:297
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  1. Marc P. Giannoni & Jean Boivin, 2005. "DSGE Models in a Data-Rich Environment," Computing in Economics and Finance 2005 431, Society for Computational Economics.
  2. Gregor W. Smith, 2009. "The Missing Links: Better Measures of Inflation and Inflation Expectations in Canada," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 287, April.
  3. Marc Giannoni & Jean Boivin, 2008. "Optimal Monetary Policy in a Data-Rich Environment," 2008 Meeting Papers 788, Society for Economic Dynamics.
  4. Donald Coletti & René Lalonde & Dirk Muir, 2008. "Inflation Targeting and Price-Level-Path Targeting in the GEM: Some Open Economy Considerations," Working Papers 08-6, Bank of Canada.
  5. Steve Ambler, 2007. "Price-Level Targeting and Stabilization Policy: A Review," Discussion Papers 07-11, Bank of Canada.
  6. Jerry Hausman & Ephraim Leibtag, 2009. "CPI Bias from Supercenters: Does the BLS Know that Wal-Mart Exists?," NBER Chapters, in: Price Index Concepts and Measurement, pages 203-231 National Bureau of Economic Research, Inc.
  7. Michael Parkin, 2009. "What is the Ideal Monetary Policy Regime? Improving the Bank of Canada's Inflation-targeting Program," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 279, January.
  8. Svensson, Lars E O, 1996. "Price-level Targeting versus Inflation Targeting: A Free Lunch?," CEPR Discussion Papers 1510, C.E.P.R. Discussion Papers.
  9. Vestin, David, 2006. "Price-level versus inflation targeting," Journal of Monetary Economics, Elsevier, vol. 53(7), pages 1361-1376, October.
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