Hybrid Inflation and Price-Level Targeting

Nicoletta Batini and Anthony Yates ()

Journal of Money, Credit and Banking, 2003, vol. 35, issue 3, 283-300

Abstract: In this paper we investigate the properties of monetary regimes that combine price-level and inflation targeting. We look both at an optimal control and at a simple rule characterisation of these regimes. We derive numerical results by modelling the economy as a small-scale open-economy RE model calibrated on UK data. We conclude that: (1) the relative merits of price-level and inflation targeting, as well as of mixes of these two, depend on particular modelling and policy assumptions; and (2) these merits do not always change gradually and/or monotonically as we move from one regime to another.

Date: 2003
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Working Paper: Hybrid inflation and price level targeting (2001)
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Persistent link: https://EconPapers.repec.org/RePEc:mcb:jmoncb:v:35:y:2003:i:3:p:283-300

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