✦ LIBER ✦

Is there a case for domestic inflation target?

✍ Scribed by Jose Angelo Divino

Publisher: Elsevier Science
Year: 2009
Tongue: English
Weight: 622 KB
Volume: 79
Category: Article
ISSN: 0378-4754
DOI: 10.1016/j.matcom.2009.03.003

No coin nor oath required. For personal study only.

✦ Synopsis

This paper evaluates the consequences of a central bank stabilizing alternative measures of inflation in a model with several exchange rate channels of transmission for the monetary policy. The real exchange rate affects the equilibrium conditions and the utility-based welfare objective places higher weight on output gap stabilization. There is an endogenous stabilization trade-off and policy rules derived from private agents' optimizing behavior perform better than alternative monetary policy arrangements. The optimal policy is PPI inflation target, under which the exchange rate follows a controlled floating. Contrary to central bank practices, CPI target should be considered only by highly open economies.

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