...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Business Economics >A new twist on an old framework: bounded price-level targeting
【24h】

A new twist on an old framework: bounded price-level targeting

机译：旧框架的新变化：有限制的价格水平定位

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

One of the notable macroeconomic developments of the last two decades has been the apparent decline in the so-called neutral real rate of interest (or r-star). The declining level of r-star has significantly reduced forecasts of the steady-state federal funds rate associated with "normalized" monetary policy. Because a lower steady-state policy rate implies a heightened probability of reaching the effective lower bound on the federal funds rate in the event of an economic downturn, a debate has opened among academics and policymakers about potential changes in Fed's monetary policy framework that might ameliorate the lower bound problem. This paper introduces a variation of price-level targeting that satisfies a definition of price stability that requires the central bank to keep the price level within a pre-specified percentage of a pre-specified target path for all time horizons into the future. The framework, referred to as bounded price-level targeting, is compared to other proposed frameworks. The paper discusses the conditions under which bounded price-level targeting is consistent with other proposals.
机译：过去二十年来，宏观经济的显着发展之一是所谓的中性实际利率（或r-star）明显下降。 r-star的下降已大大降低了与“正常化”货币政策相关的稳态联邦基金利率的预测。由于较低的稳态政策利率意味着在经济不景气时达到联邦基金利率有效下限的可能性更高，因此学者和决策者之间就美联储货币政策框架的潜在变化展开了辩论。下界问题。本文介绍了一种价格水平目标的变体，它满足了价格稳定性的定义，要求中央银行在未来的所有时间范围内都将价格水平保持在预定目标路径的预定百分比之内。将该框架（称为有限制的价格目标）与其他提议的框架进行了比较。本文讨论了有限制的价格水平目标与其他提议相一致的条件。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号