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Price Level Targeting vs Inflation Targeting : A free Lunch?

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Listed author(s):
  • Svensson, L-E-O

Abstract

Price level targeting (without base drift) and inflation targeting (with base drift) are compared under commitment and discretion, with persistence in unemployment.

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Paper provided by Stockholm - International Economic Studies in its series Papers with number 614.

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Length: 28 pages
Date of creation: 1996
Handle: RePEc:fth:stocin:614
Contact details of provider: Postal:
UNIVERSITY OF STOCKHOLM, INSTITUTE FOR INTERNATIONAL ECONOMIC STUDIES, S- 106 91 STOCKHOLM SWEDEN.

Phone: +46-8-162000
Fax: +46-8-161443
Web page: http://www.iies.su.se/

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Keywords: INFLATION ; MONETARY SYSTEMS ; MONETARY POLICY ; CENTRAL BANKS;

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Find related papers by JEL classification:
  • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
  • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
  • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

References listed on IDEAS
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  1. Sofronis K. Clerides & Saul Lach & James R. Tybout, 1998. "Is Learning by Exporting Important? Micro-Dynamic Evidence from Colombia, Mexico, and Morocco," The Quarterly Journal of Economics, Oxford University Press, vol. 113(3), pages 903-947.
  2. Svensson, Lars E O, 1999. "Price-Level Targeting versus Inflation Targeting: A Free Lunch?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 31(3), pages 277-295, August.
  3. Armen Hovakimian & Edward J. Kane, 1996. "Risk-Shifting by Federally Insured Commercial Banks," NBER Working Papers 5711, National Bureau of Economic Research, Inc.
  4. Michael Bordo & Anna Schwartz, 1996. "Why clashes between internal and external stability goals end in currency crises, 1797–1994," Open Economies Review, Springer, vol. 7(1), pages 437-468, March.
  5. Kevin A. Hassett, 1999. "Tax Policy and Investment," Books, American Enterprise Institute, number 53049.
  6. R. Glenn Hubbard & Jonathan S. Skinner, 1996. "Assessing the Effectiveness of Saving Incentives," Journal of Economic Perspectives, American Economic Association, vol. 10(4), pages 73-90, Fall.
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