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How the P* Model Rationalizes Monetary Targeting: A Comment on Svensson
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Franz Seitz
Veröffentlicht/Copyright:
30. November 2019
Abstract
In this comment, we answer the question posed in Svensson's (2000) paper `Does the P* Model Provide any Rationale for Monetary Targeting?' - in contrast to him - in the affirmative. We argue that a strategy of monetary targeting can be rationalized within the P* framework. Furthermore, we demonstrate that money growth targeting is a special form of inflation forecast targeting based on a `limited' information set. In contrast to `full information' inflation forecast targeting, monetary growth targeting is likely to be more robust under changing conditions of the real world.
Published Online: 2019-11-30
Published in Print: 2001-08-01
© 2019 by Walter de Gruyter Berlin/Boston
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Artikel in diesem Heft
- Entrepreneurship, Economic Risks, and Risk Insurance in the Welfare State: Results with OECD Data 1978±93
- Some Thoughts on Monetary Targeting vs. Inflation Targeting
- On the Interaction of Risk and Time Preferences: An Experimental Study
- The Dynamics of a Simple Relative Adjustment Cost Framework
- On Corporate Tax Asymmetries and Neutrality
- Efficiency-Wage Unemployment and Intersectoral Wage Differentials in a Heckscher- Ohlin Model
- How the P* Model Rationalizes Monetary Targeting: A Comment on Svensson
- Response to Seitz and Tödter, `How the P* Model Rationalizes Monetary Targeting: A Comment on Svensson'
Artikel in diesem Heft
- Entrepreneurship, Economic Risks, and Risk Insurance in the Welfare State: Results with OECD Data 1978±93
- Some Thoughts on Monetary Targeting vs. Inflation Targeting
- On the Interaction of Risk and Time Preferences: An Experimental Study
- The Dynamics of a Simple Relative Adjustment Cost Framework
- On Corporate Tax Asymmetries and Neutrality
- Efficiency-Wage Unemployment and Intersectoral Wage Differentials in a Heckscher- Ohlin Model
- How the P* Model Rationalizes Monetary Targeting: A Comment on Svensson
- Response to Seitz and Tödter, `How the P* Model Rationalizes Monetary Targeting: A Comment on Svensson'
