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Price and Output Stability under Price‐Level Targeting
Southern Economic Journal, 2001It is commonly believed that a monetary policy that targets the price level reduces the long‐term variability of the price level, but only at the cost of increased variability of both inflation and output. We develop a model in which the one‐step‐ahead variance of output and the price level are lower under price‐level targeting than under inflation ...
James Peery Cover, Paul Pecorino
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Constanta Maritime University Annals, Vol. 18, 2012, 2012 We can talk about price stability when not seen as inflation or deflation phenomena. Thus the European Central Bank defines price stability as an increase of up to 2% per annum of the harmonized index of consumer prices. The lowest inflation rates were recorded in countries such as Greece and Sweden, and the highest in Hungary, followed by Romania ...
Olteanu Ana-Cornelia +1 more
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The Case for Price Stability [PDF]
SSRN Electronic Journal, 2001 Reasoning within the New Neoclassical Synthesis (NNS) we previously recommended that price stability should be the primary objective of monetary policy. We called this a neutral policy because it keeps output at its potential, defined as the outcome of an imperfectly competitive real business cycle model with a constant markup of price over marginal ...
Marvin Goodfriend, Robert G. King
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1990
Abstract In 1976, inspired by the success of OPEC in raising the price of oil, the United Nations Conference on Trade and Development (UNCTAD) passed a resolution calling for an Integrated Programme for Commodities (IPC) as part of the more ambitious establishment of a New International Order.
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Abstract In 1976, inspired by the success of OPEC in raising the price of oil, the United Nations Conference on Trade and Development (UNCTAD) passed a resolution calling for an Integrated Programme for Commodities (IPC) as part of the more ambitious establishment of a New International Order.
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SSRN Electronic Journal, 2015
The European System of Central Banks (ESCB) is contractually obliged to ensure price stability. That is a vital prerequisite for the applicability of the nominalistic principle in a monetary economy according to which money debt consists merely of a certain quantity of accounting units like a number of dollars or euros.
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The European System of Central Banks (ESCB) is contractually obliged to ensure price stability. That is a vital prerequisite for the applicability of the nominalistic principle in a monetary economy according to which money debt consists merely of a certain quantity of accounting units like a number of dollars or euros.
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Price stabilizing, Pareto improving policies
Economic Theory, 2010The paper studies a simple three period overlapping generations (OLG) model with incomplete markets and shows that stabilisation may be welfare improving. Volatility of endogenous variables is created by volatility in demand and supply. Thus, curbing price volatility must be done by limiting, directly or indirectly, the actions of agents.
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Price flexibility and output stability
1994In this symposium I shall play the role in which I was cast, the unreconstructed old Keynesian. Time was when I resisted labels and schools, naively hoping that our fledgling science was outgrowing them. I had, to be sure, been drawn into economics when The General Theory was an exciting revelation for students hungry for explanation and remedy of the ...
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