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Inflation versus price-level targeti...

Heim, Lukas.

Inflation versus price-level targetingBayesian estimation of a small open DSGE model for Switzerland /

Record Type:	Electronic resources : Monograph/item
Title/Author:	Inflation versus price-level targetingby Lukas Heim.
Reminder of title:	Bayesian estimation of a small open DSGE model for Switzerland /
Author:	Heim, Lukas.
Published:	Wiesbaden :Springer Fachmedien Wiesbaden :2015.
Description:	xii, 69 p. :ill., digital ;24 cm.
Contained By:	Springer eBooks
Subject:	Monetary policyEconometric models.
Subject:	SwitzerlandForeign relationsGreat Britain.
Online resource:	http://dx.doi.org/10.1007/978-3-658-08228-4
ISBN:	9783658082284 (electronic bk.)

Inflation versus price-level targetingBayesian estimation of a small open DSGE model for Switzerland /
Heim, Lukas.

Inflation versus price-level targetingBayesian estimation of a small open DSGE model for Switzerland /[electronic resource] :by Lukas Heim. - Wiesbaden :Springer Fachmedien Wiesbaden :2015. - xii, 69 p. :ill., digital ;24 cm. - BestMasters. - BestMasters..

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 Gale 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.

ISBN: 9783658082284 (electronic bk.)

Standard No.: 10.1007/978-3-658-08228-4doiSubjects--Topical Terms:

266607
Monetary policy
--Econometric models.Subjects--Geographical Terms:

392028
Switzerland
--Foreign relations--Great Britain.

LC Class. No.: HG230.3

Dewey Class. No.: 332.46

Inflation versus price-level targetingBayesian estimation of a small open DSGE model for Switzerland /
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