Signaling and Commitment : Monetary versus Inflation Targeting

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GERSBACH, Hans, Volker HAHN, 2006. Signaling and Commitment : Monetary versus Inflation Targeting. In: Macroeconomic Dynamics. 10(05). ISSN 1365-1005. eISSN 1469-8056. Available under: doi: 10.1017/S1365100506050255

@article{Gersbach2006Signa-24652, title={Signaling and Commitment : Monetary versus Inflation Targeting}, year={2006}, doi={10.1017/S1365100506050255}, number={05}, volume={10}, issn={1365-1005}, journal={Macroeconomic Dynamics}, author={Gersbach, Hans and Hahn, Volker} }

<rdf:RDF xmlns:dcterms="" xmlns:dc="" xmlns:rdf="" xmlns:bibo="" xmlns:dspace="" xmlns:foaf="" xmlns:void="" xmlns:xsd="" > <rdf:Description rdf:about=""> <dc:rights>terms-of-use</dc:rights> <foaf:homepage rdf:resource="http://localhost:8080/jspui"/> <void:sparqlEndpoint rdf:resource="http://localhost/fuseki/dspace/sparql"/> <dc:creator>Hahn, Volker</dc:creator> <dc:language>eng</dc:language> <dc:creator>Gersbach, Hans</dc:creator> <dc:contributor>Hahn, Volker</dc:contributor> <dcterms:title>Signaling and Commitment : Monetary versus Inflation Targeting</dcterms:title> <dcterms:bibliographicCitation>Macroeconomic Dynamics ; 10 (2006), 5. - S. 595-624</dcterms:bibliographicCitation> <dc:contributor>Gersbach, Hans</dc:contributor> <dc:date rdf:datatype="">2013-09-27T09:49:50Z</dc:date> <dcterms:rights rdf:resource=""/> <dcterms:issued>2006</dcterms:issued> <bibo:uri rdf:resource=""/> <dcterms:available rdf:datatype="">2013-09-27T09:49:50Z</dcterms:available> <dcterms:abstract xml:lang="eng">The article compares the social efficiency of monetary targeting and inflation targeting when central banks may have private information on shocks to money demand and the transparency solution is not feasible because of verifiability problems. Under inflation targeting and monetary targeting, central banks may have an incentive to signal their private information in order to influence the public's expectations about future inflation. We show that inflation targeting is superior to monetary targeting, as it makes it easier for central banks to commit to low inflation. Moreover, central banks that are weak on inflation prefer inflation targeting to monetary targeting.</dcterms:abstract> <dspace:isPartOfCollection rdf:resource=""/> <dcterms:isPartOf rdf:resource=""/> </rdf:Description> </rdf:RDF>

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