Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/212471 
Autor:innen: 
Erscheinungsjahr: 
2000
Schriftenreihe/Nr.: 
BOFIT Discussion Papers No. 4/2000
Verlag: 
Bank of Finland, Institute for Economies in Transition (BOFIT), Helsinki
Zusammenfassung: 
This paper examines a price-level target in a model with a forward-looking CalvoTaylor Phillips curve.Contrary to conventional wisdom, it is found that price-level targeting leads to a better trade-off between inflation and output-gap variability than inflation targeting, when the central bank acts under discretion.In some cases, price-level targeting under discretion results in the same equilibrium as inflation targeting under commitment.The paper provides a comprehensive econometric analysis of currency substitution for Latvia.Rather than drawing inferences on the degree of currency substitution from domestic money demand modelling, the most common approach to empirical analysis of the phenomenon, direct modelling of currency substitution ratio is applied.Extensive model construction, estimation, evaluation and testing are performed.Methodological issues are also discussed.No simple policy recommendations can be made at this stage of research, but a number of instruments are identified, which can be used by the authorities to influence currency substitution behaviour.
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
951-686-922-X
Dokumentart: 
Working Paper

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