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020 _a9783658082284
_9978-3-658-08228-4
024 7 _a10.1007/978-3-658-08228-4
_2doi
035 _ato000561337
040 _aSpringer
_cSpringer
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082 0 4 _a338.9
_223
100 1 _aHeim, Lukas.
_eauthor.
_9468954
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.
300 _aXII, 69 p. 9 illus.
_bonline resource.
336 _atext
_btxt
_2rdacontent
337 _acomputer
_bc
_2rdamedia
338 _aonline resource
_bcr
_2rdacarrier
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
650 0 _aEconomic policy.
_976080
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
773 0 _tSpringer eBooks
830 0 _aBestMasters
_9567407
856 4 0 _uhttp://dx.doi.org/10.1007/978-3-658-08228-4
912 _aZDB-2-SBE
999 _c416151