Inflation targeting, learning and Q volatility in small open economies

G.C. Lim; Paul D. McNelis

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Inflation targeting, learning and Q volatility in small open economies

机译：小型开放经济体的通胀目标，学习和Q波动

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This paper examines the welfare implications of managing asset-price with consumer-price inflation targeting by monetary authorities who have to learn the laws of motion for both inflation rates. The central bank can reduce the volatility of consumption as well as improve welfare more effectively if it adopts state-contingent Taylor rules aimed at inflation and Q-growth targets in this learning environment. However, under perfect model certainty, pure inflation targeting dominates combined consumer and asset-price inflation targeting.

机译：本文研究了货币当局管理资产价格和消费者价格通胀的福利意义，货币当局必须学习两种通胀率的运动规律。如果中央银行在这种学习环境中采用针对通货膨胀和Q增长目标的州或有泰勒规则，则可以减少消费的波动并更有效地改善福利。但是，在理想的模型确定性下，纯通胀目标制主导了组合的消费者和资产价格通胀目标制。

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来源
《Journal of Economic Dynamics and Control》 |2007年第11期|3699-3722|共24页
作者
G.C. Lim; Paul D. McNelis;
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作者单位

Department of Economics, Melbourne Institute of Economic and Social Research, The University of Melbourne, Parkville, Australia;

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原文格式 PDF
正文语种 eng
中图分类经济;
关键词
Tobin's Q; learning; taylor policy rules; inflation targets;

机译：托宾的Q;学习;泰勒政策规则;通胀目标;

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机译：通货膨胀波动，货币政策信令和中央银行通信的清晰度：来自抵御新兴经济的通货膨胀的证据
3. The impact of exchange rate volatility on inflation targeting monetary policy in emerging and advanced economies [J] . Keefe Helena Glebocki International finance . 2020,第3期

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5. Inflation in an open economy: Inflation bias, adaptive learning, and escape dynamics. [D] . Lin, Yo-Long. 2009

机译：开放经济中的通货膨胀：通货膨胀偏差，适应性学习和逃避动力。
6. Inflation targeting or exchange rate targeting: Which framework supports the goal of price stability in emerging market economies? [O] . Nora Abu Asab, Juan Carlos Cuestas, Alberto Montagnoli 2012

机译：以通胀为目标或以汇率为目标：哪个框架支持新兴市场经济体的价格稳定目标？
7. Inflation targeting, learning and Q volatility in small open economies [O] . G.C. Lim, Paul D. McNelis 2007

机译：小开放经济体的通货膨胀靶向，学习和Q波动

Inflation targeting, learning and Q volatility in small open economies

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