Price-level and interest-rate targeting in a model with sticky prices

An examination of a standard sticky-price monetary model whose conditions are perturbed relative to the canonical real-business-cycle model by two varying distortions: marginal cost and the nominal rate of interest. The paper explores the implications of two monetary policies that are frequently advocated: (1) an inflation target and (2) an interest rate target.

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Year of publication:	1998
Authors:	Carlstrom, Charles T. ; Fuerst, Timothy S.
Institutions:	Federal Reserve Bank of Cleveland
Subject:	Monetary policy \| Inflation (Finance)

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Extent:	application/pdf
Series:	Working Paper.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 9819
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005428321