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Inflation targeting as a means of achieving disinflation
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Saborowski, Christian (2009) Inflation targeting as a means of achieving disinflation. Working Paper. Coventry: University of Warwick, Department of Economics. Warwick economic research papers (No.894).
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Official URL: http://www2.warwick.ac.uk/fac/soc/economics/resear...
Abstract
In this paper, we take an analytical approach to examine possible adverse effects of the use of inflation targeting as a disinflation regime. The idea is that a strict interpretation of an inflation target may preserve inflationary distortions after price stability is attained. We show that such a policy not only creates a slump in output but may increase macroeconomic volatility substantially in a model in which wages are subject to a Taylor staggering structure.
Item Type: | Working or Discussion Paper (Working Paper) | ||||
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Subjects: | H Social Sciences > HJ Public Finance | ||||
Divisions: | Faculty of Social Sciences > Economics | ||||
Library of Congress Subject Headings (LCSH): | Inflation (Finance), Monetary policy -- Mathematical models, Anti-inflationary policies | ||||
Series Name: | Warwick economic research papers | ||||
Publisher: | University of Warwick, Department of Economics | ||||
Place of Publication: | Coventry | ||||
Official Date: | February 2009 | ||||
Dates: |
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Number: | No.894 | ||||
Number of Pages: | 48 | ||||
Status: | Not Peer Reviewed | ||||
Access rights to Published version: | Open Access (Creative Commons) | ||||
Funder: | Sixth Framework Programme (European Commission) (FP6) |
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