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Employment targeting

Jean-Pascal Bénassy

Economics Letters, 2008, vol. 99, issue 2, 320-323

Abstract: Inflation is often given the central role in discussions of monetary policy. Is this emphasis warranted? We investigate this in a DSGE model and find: (1) One can implement the optimal interest rate policy using only employment as an instrument, (2) using inflation as an instrument would lead to lower utility.

Date: 2008
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Handle: RePEc:eee:ecolet:v:99:y:2008:i:2:p:320-323