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OPTIMAL INFLATION TARGETS AND THE INFORMATIVENESS OF THE INFLATION RATE

Hilde Patron
경제연구소 (Hanyang Economic Research Institute)|2005.11|Journal of Economic Research (JER)|제10권 제2호|pp. 261-276

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참고문헌

주제분류경제학

초록

Abstract

In this paper I study the design of inflation targets in a two period model in which the government delegates monetary policy to an instrument independent central banker who has private information that is relevant to monetary policy making. I find that there exists a set of conditions under which the governments and the publics ability to learn about the bankers private information has an effect on the optimal target. More specifically, if different inflation targets convey different information, the government should adjust the inflation target in the direction that increases the informativeness of the inflation rate. Doing so reduces social welfare losses.

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