The DOI matches its Crossref record; 23 of the 23 references it cites were found in a registry or an index.
Optimal Inflation-Targeting Rules
Open accessAbstract
An increasingly popular approach to the conduct of monetary policy, since the early 1990s, has been inflation-forecast targeting. Under this general approach, a central bank is committed to adjust short-term nominal interest rates periodically so as to ensure that its projection for the economy's evolution satisfies an explicit target criterion. One benefit that is claimed for such an approach—and an important advantage, at least in principle, of inflation targeting over other policy rules—is the possibility of combining reasonable stability of the inflation rate (especially over the medium to long term) with optimal short-run responses to real disturbances of various sorts. This chapter shows that it is possible to derive robustly optimal monetary policy rule for optimizing models of the monetary transmission mechanism that incorporate a number of common features of recent empirical models: staggered wage- and price-setting; inflation inertia resulting from automatic indexation of wages and prices to a lagged price index; predetermined wage-setting, pricing, and spending decisions; and habit persistence in the level of real private expenditure.
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Cites
Discretion versus policy rules in practice
Taylor, J. B. (1993) · Carnegie-Rochester Conference Series on Public Policy · doi:10.1016/0167-2231(93)90009-l · Cited by 9,065
Staggered prices in a utility-maximizing framework
Calvo, G. A. (1983) · Journal of Monetary Economics · doi:10.1016/0304-3932(83)90060-0 · Cited by 7,901
MONOPOLISTIC COMPETITION AND OPTIMUM PRODUCT DIVERSITY
Dixit, A., Stiglitz, J. E., Dixit, A. K., & Stiglitz, J. E. (1975) · RePEc: Research Papers in Economics · doi:10.22004/ag.econ.268957 · Cited by 7,391
Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy
Christiano, L. J., Eichenbaum, M., & Evans, C. L. (2005) · Journal of Political Economy · doi:10.1086/426038 · Cited by 6,238
The Science of Monetary Policy: A New Keynesian Perspective
Clarida, R., Galí, J., & Gertler, M. (1999) · Journal of Economic Literature · doi:10.1257/jel.37.4.1661 · Cited by 4,916
Inflation dynamics: A structural econometric analysis
Galı́, J., & Gertler, M. (1999) · Journal of Monetary Economics · doi:10.1016/s0304-3932(99)00023-9 · Cited by 3,087
Optimal monetary policy with staggered wage and price contracts
Erceg, C. J., Henderson, D. W., & Levin, A. T. (2000) · Journal of Monetary Economics · doi:10.1016/s0304-3932(00)00028-3 · Cited by 2,277
An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy
Rotemberg, J. J., & Woodford, M. (1997) · NBER Macroeconomics Annual · doi:10.1086/654340 · Cited by 2,049
Self-citationBernanke, B. S., & Mihov, I. (1998) · The Quarterly Journal of Economics · doi:10.1162/003355398555775 · Cited by 1,641
Habit Formation in Consumption and Its Implications for Monetary-Policy Models
Fuhrer, J. C. (2000) · American Economic Review · doi:10.1257/aer.90.3.367 · Cited by 1,146
Cited by
The Zero Bound on Interest Rates and Optimal Monetary Policy
Eggertsson, G. B., & Woodford, M. (2003) · Brookings Papers on Economic Activity · doi:10.7916/d8s46pv9 · Cited by 854
Self-citationMonetary Policy Strategy: Lessons from the Crisis
Mishkin, F. (2011) · National Bureau of Economic Research · doi:10.3386/w16755 · Cited by 444
Limited asset markets participation, monetary policy and (inverted) aggregate demand logic
Bilbiie, F. O. (2008) · Journal of Economic Theory · doi:10.1016/j.jet.2007.07.008 · Cited by 431
Great Expectations and the End of the Depression
Eggertsson, G. B. (2008) · American Economic Review · doi:10.1257/aer.98.4.1476 · Cited by 386
Metadata
- Authors
- Giannoni, M. P., & Woodford, M.
- Venue
- The Inflation-Targeting Debate
- Publisher
- University of Chicago Press
- Published
- 2004
- Pages
- 93-171
- OpenAlex
- W3124603205
- Cited by
- 253
- References
- 23
- FWCI
- 94.28
- Type
- book chapter
- Language
- en
- Open access
- green
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