Inflation Inertia and the Optimal Hybrid Inflation/Price-Level Target

dc.contributor.author	Røisland, Øistein
dc.date.accessioned	2018-05-16T12:53:07Z
dc.date.available	2018-05-16T12:53:07Z
dc.date.issued	2005
dc.identifier.isbn	82-7553-300-7
dc.identifier.isbn	82-7553-301-5
dc.identifier.issn	0801-2504
dc.identifier.issn	1502-8143
dc.identifier.uri	http://hdl.handle.net/11250/2498437
dc.description.abstract	A hybrid inflation/price-level target combines elements of both inflation and price-level targets. The paper derives a hybrid target within a new Keynesian model with inflation persistence due to price indexation. The result generalizes a result by Vestin (2005) that the optimal policy could be implemented with a price-level targeting regime. We show that the optimal price-level drift in the hybrid target is equal to the degree of price indexation.	nb_NO
dc.language.iso	eng	nb_NO
dc.publisher	Norges Bank	nb_NO
dc.relation.ispartofseries	Working Papers;4/2005
dc.rights	Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal	*
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/4.0/deed.no	*
dc.subject	JEL: E52	nb_NO
dc.subject	JEL: E61	nb_NO
dc.subject	JEL: E63	nb_NO
dc.subject	price-level target	nb_NO
dc.subject	inflation persistence	nb_NO
dc.subject	commitment	nb_NO
dc.title	Inflation Inertia and the Optimal Hybrid Inflation/Price-Level Target	nb_NO
dc.type	Working paper	nb_NO
dc.description.version	publishedVersion	nb_NO
dc.subject.nsi	VDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212	nb_NO
dc.source.pagenumber	8	nb_NO

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