Produktbild: Inflation versus Price-Level Targeting

Inflation versus Price-Level Targeting

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Bayesian Estimation of a Small Open DSGE Model for Switzerland, BestMasters

ISBN: 3658082275
ISBN 13: 9783658082277
Autor: Heim, Lukas
Verlag: Springer Gabler
Umfang: xii, 69 S., 9 s/w Illustr., 69 p. 9 illus.
Erscheinungsdatum: 01.12.2014
Auflage: 1/2015
Produktform: Kartoniert
Einband: Kartoniert

Lukas Heim evaluates the performance of a price-level targeting rule compared to that of a standard inflation targeting rule. The comparison is based on a medium-scale DSGE model which has been estimated based on state-of-the-art Bayesian methods. The model for the Swiss economy is an expanded version of the framework proposed by Galì and Monacelli (2005) as well as Monacelli (2005). It is enriched with habit formation in consumption, price indexation, labor market imperfections, and several additional structural disturbances. The results show that – exactly as expected – the volatility of inflation is quite significantly lower under the price-level targeting regime, whereas the volatility of the output gap is markedly higher conditional on either productivity or preference shocks. Therefore, the introduction of a price-level targeting regime would likely produce an increase in the volatility of real economic activity conditional on both supply-side and demand-side shocks. Since inflation and output are targeted simultaneously, none of the two policies is strictly dominant. Contents – Monetary Policy in Switzerland Comparison of Inflation and PriceLevel Targeting Bayesian Estimation of a Small Open DSGE Model  Target GroupsResearchers and students in the field of economy with an interest in monetary policy The AuthorLukas Heim obtained his MSc in International and Monetary Economics at the University of Bern. His research interests include macroeconomics, monetary economics and econometrics.

Artikelnummer: 7433370 Kategorie:

Beschreibung

InhaltsangabeMonetary Policy in Switzerland.- Comparison of Inflation and Price-Level Targeting.

Autorenporträt

Lukas Heim obtained his MSc in International and Monetary Economics at the University of Bern. His research interests include macroeconomics, monetary economics and econometrics.

Herstellerkennzeichnung:


Springer Gabler in Springer Science + Business Media
Tiergartenstr. 15-17
69121 Heidelberg
DE

E-Mail: juergen.hartmann@springer.com

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