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- Publisher Website: 10.1016/j.jmacro.2005.02.002
- Scopus: eid_2-s2.0-33751072974
- WOS: WOS:000243276200003
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Article: Are Speed Limit Policies Robust?
Title | Are Speed Limit Policies Robust? |
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Authors | |
Keywords | Price level targeting Inflation targeting Speed limit policy Credibility Discretion |
Issue Date | 2006 |
Publisher | Elsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jmacro |
Citation | Journal of Macroeconomics, 2006, v. 28 n. 4, p. 665-679 How to Cite? |
Abstract | Both price level targeting and speed limit policies have been suggested as alternatives to inflation targeting that may confer benefits when a central bank operates under discretion, even if society’s loss function is specified in terms of inflation volatility. Here we show that price level targeting dominates a speed limit policy under perfect credibility and rational expectations. However, a speed limit policy is more robust than a price level target. Even for small deviations from either rational expectations or perfect credibility, a speed limit policy dominates a price level target. |
Persistent Identifier | http://hdl.handle.net/10722/221644 |
ISSN | 2023 Impact Factor: 1.3 2023 SCImago Journal Rankings: 0.671 |
SSRN | |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Yetman, J | - |
dc.date.accessioned | 2015-11-30T06:30:43Z | - |
dc.date.available | 2015-11-30T06:30:43Z | - |
dc.date.issued | 2006 | - |
dc.identifier.citation | Journal of Macroeconomics, 2006, v. 28 n. 4, p. 665-679 | - |
dc.identifier.issn | 0164-0704 | - |
dc.identifier.uri | http://hdl.handle.net/10722/221644 | - |
dc.description.abstract | Both price level targeting and speed limit policies have been suggested as alternatives to inflation targeting that may confer benefits when a central bank operates under discretion, even if society’s loss function is specified in terms of inflation volatility. Here we show that price level targeting dominates a speed limit policy under perfect credibility and rational expectations. However, a speed limit policy is more robust than a price level target. Even for small deviations from either rational expectations or perfect credibility, a speed limit policy dominates a price level target. | - |
dc.language | eng | - |
dc.publisher | Elsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jmacro | - |
dc.relation.ispartof | Journal of Macroeconomics | - |
dc.rights | © <year>. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/ | - |
dc.subject | Price level targeting | - |
dc.subject | Inflation targeting | - |
dc.subject | Speed limit policy | - |
dc.subject | Credibility | - |
dc.subject | Discretion | - |
dc.title | Are Speed Limit Policies Robust? | - |
dc.type | Article | - |
dc.identifier.email | Yetman, J: jyetman@econ.hku.hk | - |
dc.identifier.doi | 10.1016/j.jmacro.2005.02.002 | - |
dc.identifier.scopus | eid_2-s2.0-33751072974 | - |
dc.identifier.hkuros | 127983 | - |
dc.identifier.volume | 28 | - |
dc.identifier.issue | 4 | - |
dc.identifier.spage | 665 | - |
dc.identifier.epage | 679 | - |
dc.identifier.isi | WOS:000243276200003 | - |
dc.publisher.place | Netherlands | - |
dc.identifier.ssrn | 464040 | - |
dc.identifier.issnl | 0164-0704 | - |