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Price-level targeting: the future conventional policy of the Fed?
[Cibler le niveau des prix : la future politique conventionnelle de la Fed ?]

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  • Stéphane Dupraz

Abstract

Several prominent experts in US central banking have recently advocated a new policy framework: price-level targeting. What is it and what advantages and disadvantages does it offer over the current inflation targeting framework? Its main benefit would be to bring the policy of keeping interest rates low for some time after a recession – an unconventional policy tool used in fighting the last recession – into a conventional policy framework. Plusieurs experts renommés au sein de la banque centrale américaine prônent un nouveau cadre de politique monétaire : le ciblage du niveau des prix. De quoi s’agit-il, et quels sont ses avantages et ses inconvénients par rapport au cadre actuel de ciblage de l’inflation ? Son principal mérite serait d’intégrer la politique de maintien de taux bas après une récession – outil jusqu’alors non conventionnel – dans un cadre conventionnel.

Suggested Citation

  • Stéphane Dupraz, 2018. "Price-level targeting: the future conventional policy of the Fed? [Cibler le niveau des prix : la future politique conventionnelle de la Fed ?]," Eco Notepad (in progress) 87, Banque de France.
    • Handle: RePEc:bfr:econot:87
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