Working Papers in full text
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
All
Other research-related activities and publications of the IMF can be found at IMF Research
|
Free Email Notification
Receive emails when we post new
items of interest to you.
Subscribe or
Modify your profile
|
|
|
|
Inflation Targeting with NAIRU Uncertainty and Endogenous Policy Credibility
|
Author/Editor: |
Isard, Peter | Laxton, Douglas | Eliasson, Ann-Charlotte |
| Authorized for Distribution: |
January 1, 2001 |
|
Electronic Access: |
Free Full Text (PDF file size is 1,409KB)
Use the free Adobe Acrobat Reader to view this PDF file.
|
|
|
|
Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
|
|
Summary: Stochastic simulations are employed to compare performance of monetary policy rules in linear and nonlinear variants of a small macro model with NAIRU uncertainity under different assumptions about the way inflation expectations are formed. Cases in which policy credibility is ignored or treated as exogenous are distinguished from cases in which credibility and inflation expectations respond endogenuously policy credibility strengthens the case for forward-looking inflation forecast based rules relative to backward-looking Taylor rules.
|
|
|
|
Series: |
Working Paper No. 01/7 |
|
Subject(s): |
Inflation targeting | Monetary policy | Economic models |
|
Author's keyword(s): |
Inflation targeting
| monetary policy rules
| credibility
| NAIRU uncertainty
|
|
|
|
|
| |
Published: |
|
January 1, 2001 |
|
|
|
|
| |
ISBN/ISSN: |
|
1934-7073 |
|
Format: |
|
Paper |
| |
Stock No: |
|
WPIEA0072001 |
|
Pages: |
|
40 |
| |
Price: |
|
US$15.00
|
|
|
|
|
|
| |
|
|
|
Price Delivery Note: |
Prepayment required for individual copies. An annual subscription is $375.00 a year. It includes 12 monthly shipments and priority mail delivery. The Stock No. for the subscription is WPEA. |
|
Please address any questions about this title to publications@imf.org.
|
|
