The Resource Is there a Case for Price-level Targeting?, Boris Cournède and Diego Moccero, (electronic resource)

Is there a Case for Price-level Targeting?, Boris Cournède and Diego Moccero, (electronic resource)

Label
Is there a Case for Price-level Targeting?
Title
Is there a Case for Price-level Targeting?
Statement of responsibility
Boris Cournède and Diego Moccero
Creator
Contributor
Subject
Language
eng
Summary
There is a case, but there are also counter-arguments. With sufficient forward-looking behaviour among firms and households, price-level targeting can act as a powerful built-in stabiliser through automatic shifts in inflation expectations. This stabilisation mechanism reduces the need for large shifts in policy rates, alleviating the risk of hitting the zero lower bound of nominal interest rates and falling into a liquidity trap. Furthermore, credible price-level targeting can support capital accumulation by protecting the long-run purchasing power of money and reducing the inflation risk premium embedded in actual long-term real interest rates. However, price-level targeting can imply welfare-reducing policy-induced output volatility in situations where the degree of forward-looking behaviour is very low. The self-regulating capacity of price-level targeting can be undermined if central banks are not fully credible. Besides, aggressive inflation targeting can replicate some of (but not all) the benefits of price-level targeting. On balance, the case for adopting price-level targeting is not clear-cut, all the more so since transition costs are likely to be significant
Member of
Cataloging source
FR-PaOEC
http://library.link/vocab/creatorName
Cournede, Boris
Government publication
international or intergovernmental publication
Index
no index present
Literary form
non fiction
Nature of contents
dictionaries
http://library.link/vocab/relatedWorkOrContributorName
Moccero, Diego
Series statement
OECD Economics Department Working Papers,
Series volume
no.721
http://library.link/vocab/subjectName
Economics
Label
Is there a Case for Price-level Targeting?, Boris Cournède and Diego Moccero, (electronic resource)
Instantiates
Publication
Antecedent source
not applicable
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
762083473
Dimensions
21 x 30 cm
Extent
1 online resource 27 pages
File format
one file format
Form of item
online
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.1787/221824208526
Specific material designation
remote
System control number
(OCoLC)762083473
Label
Is there a Case for Price-level Targeting?, Boris Cournède and Diego Moccero, (electronic resource)
Publication
Antecedent source
not applicable
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
762083473
Dimensions
21 x 30 cm
Extent
1 online resource 27 pages
File format
one file format
Form of item
online
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.1787/221824208526
Specific material designation
remote
System control number
(OCoLC)762083473

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