Inflation versus Price-Level Targeting: Bayesian Estimation of a Small Open DSGE Model for Switzerland - Couverture souple

Heim, Lukas

9783658082277: Inflation versus Price-Level Targeting: Bayesian Estimation of a Small Open DSGE Model for Switzerland

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ISBN 10 : 3658082275 ISBN 13 : 9783658082277

Editeur : Springer Gabler, 2014

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Lukas 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 Gal� 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.

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� propos de l?auteur

Lukas Heim obtained his MSc in International and Monetary Economics at the University of Bern. His research interests include macroeconomics, monetary economics and econometrics.

Les informations fournies dans la section � A propos du livre � peuvent faire r�f�rence � une autre �dition de ce titre.

�diteurSpringer Gabler
Date d'�dition2014
ISBN 10 3658082275
ISBN 13 9783658082277
ReliureBroch�
Langueanglais
Nombre de pages84
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Inflation versus Price-Level Targeting : Bayesian Estimation of a Small Open DSGE Model for Switzerland

Lukas Heim

Edit� par Springer Fachmedien Wiesbaden, 2014

ISBN 10 : 3658082275 ISBN 13 : 9783658082277

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Inflation versus Price-Level Targeting

Lukas Heim

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Etat : New. Dieser Artikel ist ein Print on Demand Artikel und wird nach Ihrer Bestellung fuer Sie gedruckt. Publication in the field of economic sciencesMonetary Policy in Switzerland.- Comparison of Inflation and Price-Level Targeting.Lukas Heim evaluates the performance of a price-level targeting rule compared to that of a standard inflation targetin. N� de r�f. du vendeur 5123838

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Inflation versus Price-Level Targeting : Bayesian Estimation of a Small Open DSGE Model for Switzerland

Lukas Heim

Edit� par Springer Fachmedien Wiesbaden, 2014

ISBN 10 : 3658082275 ISBN 13 : 9783658082277

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Taschenbuch. Etat : Neu. Druck auf Anfrage Neuware - Printed after ordering - Lukas 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 Gal� 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. N� de r�f. du vendeur 9783658082277

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Inflation versus Price-Level Targeting

Lukas Heim

Edit� par Springer Fachmedien Wiesbaden Dez 2014, 2014

ISBN 10 : 3658082275 ISBN 13 : 9783658082277

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Taschenbuch. Etat : Neu. This item is printed on demand - it takes 3-4 days longer - Neuware -Lukas 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 Gal� 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. 84 pp. Englisch. N� de r�f. du vendeur 9783658082277

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Inflation versus Price-Level Targeting: Bayesian Estimation of a Small Open DSGE Model for Switzerland (BestMasters)

Heim, Lukas

Edit� par Springer Gabler, 2014

ISBN 10 : 3658082275 ISBN 13 : 9783658082277

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Inflation versus Price-Level Targeting

Lukas Heim

Edit� par Springer Fachmedien Wiesbaden, Springer Fachmedien Wiesbaden Dez 2014, 2014

ISBN 10 : 3658082275 ISBN 13 : 9783658082277

Neuf Taschenbuch

Vendeur : buchversandmimpf2000, Emtmannsberg, BAYE, Allemagne

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Taschenbuch. Etat : Neu. Neuware -Lukas 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 Gal� 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.Springer Gabler in Springer Science + Business Media, Tiergartenstr. 15-17, 69121 Heidelberg 84 pp. Englisch. N� de r�f. du vendeur 9783658082277

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