sectors, this paper investigates the performance of inflation targeting and price-level targeting when the zero lower bound on … hitting the lower bound is lower under price-level targeting than inflation targeting, with 'lower bound episodes' being less … targeting than inflation targeting. Third, the lower frequency and severity of lower bound episodes under price-level targeting …

This paper investigates the long-term impact of price-level targeting on social welfare in an overlapping generations … of an optimal commitment Ramsey policy. Due to the absence of base-level drift under price-level targeting, long … from price- level targeting is equivalent to a permanent increase in aggregate consumption of only 0.01 per cent, but this …

with markedly different long run implications are examined: inflation targeting and price-level targeting. Optimal … relatively high (76 per cent). With price-level targeting, by contrast, long-term inflation uncertainty is minimal because the …

This paper provides a detailed survey of the economic literature comparing inflation and price-level targeting as …' in several areas, including the zero lower bound on nominal interest rates; the long-term impact of price-level targeting … with little or no prior knowledge of price-level targeting and the related academic literature. The survey concludes that …

This paper provides a detailed survey of the economic literature comparing inflation and price-level targeting as …' in several areas, including the zero lower bound on nominal interest rates; the long-term impact of price-level targeting … with little or no prior knowledge of price-level targeting and the related academic literature. The survey concludes that …

sectors, this paper investigates the performance of inflation targeting and price-level targeting when the zero lower bound on … hitting the lower bound is lower under price-level targeting than inflation targeting, with 'lower bound episodes' being less … targeting than inflation targeting. Third, the lower frequency and severity of lower bound episodes under price-level targeting …

This paper reviews price-level targeting in the light of current theoretical knowledge and past practical experience … illustrate the advantages and disadvantages of price-level targeting. Finally, the similarities of price-level and inflation … developments with hypothetical outcomes under price-level targeting are investigated in selected inflation-targeting countries. …

This paper investigates the long-term impact of price-level targeting on social welfare in an overlapping generations … of an optimal commitment Ramsey policy. Due to the absence of base-level drift under price-level targeting, long … from price- level targeting is equivalent to a permanent increase in aggregate consumption of only 0.01 per cent, but this …