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Targeting inflation: Comparative control exercises on models of the UK economy

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UNSPECIFIED (1996) Targeting inflation: Comparative control exercises on models of the UK economy. ECONOMIC MODELLING, 13 (2). pp. 169-184.

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Abstract

This article presents a comparative control exercise on four leading large-scale models of the UK economy. The target is the reduction of inflation; the policy instrument is the short-term interest rate. Within a standardized experimental design full numerical optimization or feedback control rules are employed as appropriate. An important distinction between models is whether expectations, particularly concerning exchange rate behaviour, are treated in a backward-looking or forward-looking manner. Only the model that adopts the rational expectations hypothesis comes close to satisfying the theoretical proposition that the inflation rate should be changeable without altering any real magnitude.

Item Type: Journal Article
Subjects: H Social Sciences > HC Economic History and Conditions
Journal or Publication Title: ECONOMIC MODELLING
Publisher: BUTTERWORTH-HEINEMANN LTD
ISSN: 0264-9993
Official Date: April 1996
Dates:
DateEvent
April 1996UNSPECIFIED
Volume: 13
Number: 2
Number of Pages: 16
Page Range: pp. 169-184
Publication Status: Published

Data sourced from Thomson Reuters' Web of Knowledge

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