Price-level Targeting versus Inflation Targeting in a Forward-looking Model

By David Vestin. 2000

139 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/a414af429841aaafd9e6a01b9b590a1cbf6fe189

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Citations in the corpus

Optimal monetary policy in an economy with inflation persistence (2003, methodology): “By manipulating equations (33)-(36) we are now able to derive the Phillips curve of our model.”
The Zero Bound in an Open Economy: A Foolproof Way of Escaping from a Liquidity Trap (2000, unknown): “This conventional wisdom has recently been challenged by Svensson (1999a), Woodford (1999b), Vestin (2000), King (1999), and Batini and Yates (1999), where it is shown that different forms of price-level targeting may very well reduce short-term inflation and/or output-gap variability.”
Making monetary policy: objectives and rules (2000, background): “This issue has been studied recently by Svensson (1999a), Dittmar and Gavin (2000), and Vestin (2000) .”
Speed Limit Policies: The Output Gap and Optimal Monetary Policy (2003, methodology): “…a key component of “The Science of Monetary Policy” (Clarida, Galí, and Gertler 1999), and has been widely used in recent work on policy design (e.g., McCallum and Nelson 1999, 2000, Jensen 2001, Svensson andWoodford 2000, Vestin 2000, Nessén and Vestin 2000, Söderström 2001, and McCallum 2001).”
THE INFLATION TARGETING DEBATE (2005, background): “In models with a high degree of forward-looking behaviour (for example, Clarida, Gali, and Gertler 1999; Dittmar, Gavin, and Kydland 1999; Dittmar and Gavin 2000; Eggertsson and Woodford 2003; Svensson 1999; Svensson and Woodford 2003; Vestin 2000; Woodford 1999, 2003), a price-level target produc”
How Should Monetary Policy be Conducted in an Era of Price Stability (2000, unknown): “Duguay [ 31 ] examines the processes (A.1) and (A.3) for di¤erent values of h and k .T ypical values used are h =0 : 5and 0:7 (in‡ation targeting such that 75% of the adjustment of in‡ation towards the target is achieved in 2 and 4 periods (years), respectively), k =0 : 7(price-level targeting where”
Indicator Variables for Optimal Policy (2003, unknown): “(It is worth noting that under our informational assumptions, p t is also public information at date t.) This illustrates the close relation between inflation targeting under commitment and price-level targeting, further discussed in Vestin (2000), Svensson (1999a,d) and Woodford (1999a,b).”