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  5. Inflation targets, credibility, and persistence in a simple sticky-price framework
 
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Inflation targets, credibility, and persistence in a simple sticky-price framework

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FileDescriptionSizeFormat
Download whelank_workpap_040.pdf282.94 KB
Author(s)
Whelan, Karl 
Rudd, Jeremy 
Uri
http://hdl.handle.net/10197/227
Date Issued
23 July 2003
Date Available
11T16:18:55Z June 2008
Abstract
This paper presents a re-formulated version of a canonical sticky-price model that has been extended to account for variations over time in the central bank's inflation target. We derive a closed-form solution for the model, and analyze its properties under various parameter values. The model is used to explore topics relating to the effects of disinflationary monetary policies and inflation persistence. In particular, we employ the model to illustrate and assess the critique that standard sticky-price models generate counterfactual predictions for the effects of monetary policy.
Type of Material
Working Paper
Publisher
Federal Reserve
Series
Finance and Economics Discussion Series
No. 2003-43
Keywords
  • Inflation

  • Phillips curve

Subject – LCSH
Inflation (Finance)
Phillips curve
Monetary policy
Web versions
http://www.federalreserve.gov/pubs/feds/2003/200343/200343pap.pdf
Language
English
Status of Item
Not peer reviewed
This item is made available under a Creative Commons License
https://creativecommons.org/licenses/by-nc-sa/1.0/
Owning collection
Economics Research Collection
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1599
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Acquisition Date
Jan 28, 2023
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