We survey recent literature comparing inflation targeting (IT) and price-level targeting (PT) as macroeconomic stabilization policies. Our focus is on New Keynesian models and areas which have seen significant developments since Ambler’s (2009) survey: the zero lower bound on nominal interest...

This paper presents a DSGE model in which long run inflation risk matters for social welfare. Optimal indexation of long-term government debt is studied under two monetary policy regimes: inflation targeting (IT) and price-level targeting (PT). Under IT, full indexation is optimal because long...

Builds on previous work in this journal which treated R & D expenditure as investment in an intangible scientific assetThis article builds on previous work in Economic & Labour Market Review which treated expenditure on research and development as investment in an intangible scientific asset, in...