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Article: Are Speed Limit Policies Robust?

TitleAre Speed Limit Policies Robust?
Authors
KeywordsPrice level targeting
Inflation targeting
Speed limit policy
Credibility
Discretion
Issue Date2006
PublisherElsevier 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?
AbstractBoth 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 Identifierhttp://hdl.handle.net/10722/221644
ISSN
2015 Impact Factor: 0.714
2015 SCImago Journal Rankings: 0.618
SSRN

 

DC FieldValueLanguage
dc.contributor.authorYetman, J-
dc.date.accessioned2015-11-30T06:30:43Z-
dc.date.available2015-11-30T06:30:43Z-
dc.date.issued2006-
dc.identifier.citationJournal of Macroeconomics, 2006, v. 28 n. 4, p. 665-679-
dc.identifier.issn0164-0704-
dc.identifier.urihttp://hdl.handle.net/10722/221644-
dc.description.abstractBoth 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.languageeng-
dc.publisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/jmacro-
dc.relation.ispartofJournal 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.subjectPrice level targeting-
dc.subjectInflation targeting-
dc.subjectSpeed limit policy-
dc.subjectCredibility-
dc.subjectDiscretion-
dc.titleAre Speed Limit Policies Robust?-
dc.typeArticle-
dc.identifier.emailYetman, J: jyetman@econ.hku.hk-
dc.identifier.doi10.1016/j.jmacro.2005.02.002-
dc.identifier.hkuros127983-
dc.identifier.volume28-
dc.identifier.issue4-
dc.identifier.spage665-
dc.identifier.epage679-
dc.publisher.placeNetherlands-
dc.identifier.ssrn464040-

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