Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/293475 
Authors: 
Year of Publication: 
2003
Citation: 
[Journal:] Kredit und Kapital [ISSN:] 1865-5734 [Volume:] 36 [Issue:] 1 [Year:] 2003 [Pages:] 30-51
Publisher: 
Duncker & Humblot, Berlin
Abstract: 
Die Wahl des Inflationsmodells im Rahmen einer Inflation-Targeting-Strategie bedeutet eine Abwägung zwischen Prognosegüte und externer Nachvollziehbarkeit, wie am Beispiel von vier ausgewählten Zentralbanken verdeutlicht wird. Mischstrategien bieten einen interessanten Ansatz, einen eindeutigen langfristigen Referenzrahmen mit Informationen über das kurzfristige Verhalten der Geldpolitik zu kombinieren. Um die Probleme der diskretionären Wahl zwischen Kurzund Langfristmodell gering zu halten, ist allerdings eine Integration beider Fristen anzustreben. (JEL E52, E58)
Abstract (Translated): 
Discretionary Scope of Inflation-targeting The choice of an inflation model as part of an inflation targeting strategy makes it necessary to weigh the quality of forecasts against the ability of external observers to understand them, as demonstrated by the example of four selected central banks. Mixed strategies may offer an interesting option for combining a simple long-run reference framework with information about short-run monetary policy behaviour. However, to minimise the problems concerning the discretionary choice between the short-run and the long-run model, it would be desirable to apply an integrated modelling of both time horizons.
JEL: 
E52
E58
Persistent Identifier of the first edition: 
Creative Commons License: 
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Document Type: 
Article

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