The B.E. Journal of Macroeconomics
Editor-in-Chief: Cavalcanti, Tiago / Mertens, Karel
Ed. by Abraham, Arpad / Carceles-Poveda , Eva / Debortoli, Davide / Kambourov, Gueorgui / Lambertini, Luisa / Pavoni, Nicola / Ruhl, Kim / Nimark, Kristoffer / Wang, Pengfei
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Most Downloaded Articles
- Comparing Wealth Effects: The Stock Market versus the Housing Market by Case, Karl E./ Quigley, John M. and Shiller, Robert J.
- Monetary and Macroprudential Policy Rules in a Model with House Price Booms by Kannan, Prakash/ Rabanal, Pau and Scott, Alasdair M.
- Who Gets the Credit? And Does It Matter? Household vs. Firm Lending Across Countries by Beck, Thorsten/ Büyükkarabacak, Berrak/ Rioja, Felix K. and Valev, Neven T.
Of Nutters and Doves
Citation Information: The B.E. Journal of Macroeconomics. Volume 9, Issue 1, ISSN (Online) 1935-1690, DOI: 10.2202/1935-1690.1947, September 2009
- Published Online:
Under a large degree of extrinsic inflation persistence, there is a strong yet simple case for inflation targeting even if we are uncertain about many other dimensions of the economy. If inflation persistence is high and driven by extrinsic sources, even an excessively strict inflation-targeting regime is preferable to full policy discretion. Our result is entirely built on stabilization policy: long-run inflation rates are optimal under full policy discretion in our model. It is instead the medium-term dynamics of inflation expectations that render the policy response under discretion worse than inaction.