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_a9783658082284 _9978-3-658-08228-4 |
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024 | 7 |
_a10.1007/978-3-658-08228-4 _2doi |
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_aSpringer _cSpringer _dRU-ToGU |
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_aPOL024000 _2bisacsh |
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_a338.9 _223 |
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_aHeim, Lukas. _eauthor. _9468954 |
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245 | 1 | 0 |
_aInflation versus Price-Level Targeting _helectronic resource _bBayesian Estimation of a Small Open DSGE Model for Switzerland / _cby Lukas Heim. |
260 |
_aWiesbaden : _bSpringer Fachmedien Wiesbaden : _bImprint: Springer Gabler, _c2015. |
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300 |
_aXII, 69 p. 9 illus. _bonline resource. |
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_atext _btxt _2rdacontent |
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_acomputer _bc _2rdamedia |
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_aonline resource _bcr _2rdacarrier |
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490 | 1 | _aBestMasters | |
520 | _aLukas Heim evaluates the performance of a price-level targeting rule compared to that of a standard inflation targeting rule. The comparison is based on a medium-scale DSGE model which has been estimated based on state-of-the-art Bayesian methods. The model for the Swiss economy is an expanded version of the framework proposed by Galì and Monacelli (2005) as well as Monacelli (2005). It is enriched with habit formation in consumption, price indexation, labor market imperfections, and several additional structural disturbances. The results show that – exactly as expected – the volatility of inflation is quite significantly lower under the price-level targeting regime, whereas the volatility of the output gap is markedly higher conditional on either productivity or preference shocks. Therefore, the introduction of a price-level targeting regime would likely produce an increase in the volatility of real economic activity conditional on both supply-side and demand-side shocks. Since inflation and output are targeted simultaneously, none of the two policies is strictly dominant. Contents Monetary Policy in Switzerland Comparison of Inflation and Price-Level Targeting Bayesian Estimation of a Small Open DSGE Model Target Groups Researchers and students in the field of economy with an interest in monetary policy The Author Lukas Heim obtained his MSc in International and Monetary Economics at the University of Bern. His research interests include macroeconomics, monetary economics and econometrics. | ||
650 | 0 |
_aeconomic theory. _9304282 |
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650 | 0 |
_aEconomic policy. _976080 |
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650 | 1 | 4 |
_aEconomics. _9135154 |
650 | 2 | 4 |
_aEconomic Policy. _976080 |
650 | 2 | 4 |
_aEconomic Theory/Quantitative Economics/Mathematical Methods. _9462061 |
710 | 2 |
_aSpringerLink (Online service) _9143950 |
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773 | 0 | _tSpringer eBooks | |
830 | 0 |
_aBestMasters _9567407 |
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856 | 4 | 0 | _uhttp://dx.doi.org/10.1007/978-3-658-08228-4 |
912 | _aZDB-2-SBE | ||
999 | _c416151 |