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The Resource Inflation versus Price-Level Targeting : Bayesian Estimation of a Small Open DSGE Model for Switzerland, by Lukas Heim, (electronic resource)

Inflation versus Price-Level Targeting : Bayesian Estimation of a Small Open DSGE Model for Switzerland, by Lukas Heim, (electronic resource)

Label
Inflation versus Price-Level Targeting : Bayesian Estimation of a Small Open DSGE Model for Switzerland
Title
Inflation versus Price-Level Targeting
Title remainder
Bayesian Estimation of a Small Open DSGE Model for Switzerland
Statement of responsibility
by Lukas Heim
Creator
Author
Subject
Language
eng
Summary
Lukas Heim evaluates the performance of a price-level targeting rule compared to that of a standard inflation targeting rule. The comparison is based on a medium-scale DSGE model which has been estimated based on state-of-the-art Bayesian methods. The model for the Swiss economy is an expanded version of the framework proposed by Galì and Monacelli (2005) as well as Monacelli (2005). It is enriched with habit formation in consumption, price indexation, labor market imperfections, and several additional structural disturbances. The results show that – exactly as expected – the volatility of inflation is quite significantly lower under the price-level targeting regime, whereas the volatility of the output gap is markedly higher conditional on either productivity or preference shocks. Therefore, the introduction of a price-level targeting regime would likely produce an increase in the volatility of real economic activity conditional on both supply-side and demand-side shocks. Since inflation and output are targeted simultaneously, none of the two policies is strictly dominant. Contents Monetary Policy in Switzerland Comparison of Inflation and Price-Level Targeting Bayesian Estimation of a Small Open DSGE Model Target Groups Researchers and students in the field of economy with an interest in monetary policy The Author Lukas Heim obtained his MSc in International and Monetary Economics at the University of Bern. His research interests include macroeconomics, monetary economics and econometrics.--
Member of
Assigning source
Provided by publisher
http://library.link/vocab/creatorName
Heim, Lukas
http://bibfra.me/vocab/relation/httpidlocgovvocabularyrelatorsaut
_sJevSDk95s
Literary form
non fiction
Nature of contents
dictionaries
Series statement
  • Springer eBooks
  • Springer eBooks.
  • BestMasters,
http://library.link/vocab/subjectName
  • Economic policy
  • Economic theory
Label
Inflation versus Price-Level Targeting : Bayesian Estimation of a Small Open DSGE Model for Switzerland, by Lukas Heim, (electronic resource)
Link
http://ezproxy.eui.eu/login?url=https://doi.org/10.1007/978-3-658-08228-4
Instantiates
Publication
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Control code
978-3-658-08228-4
Dimensions
unknown
Extent
1 online resource (XII, 69 pages)
Form of item
  • online
  • electronic
Governing access note
Use of this electronic resource may be governed by a license agreement which restricts use to the European University Institute community. Each user is responsible for limiting use to individual, non-commercial purposes, without systematically downloading, distributing, or retaining substantial portions of information, provided that all copyright and other proprietary notices contained on the materials are retained. The use of software, including scripts, agents, or robots, is generally prohibited and may result in the loss of access to these resources for the entire European University Institute community
Isbn
9783658082284
Media category
computer
Media MARC source
rdamedia
Media type code
c
Other physical details
9 illustrations
Specific material designation
remote
System control number
(OCoLC)896824860
Label
Inflation versus Price-Level Targeting : Bayesian Estimation of a Small Open DSGE Model for Switzerland, by Lukas Heim, (electronic resource)
Link
http://ezproxy.eui.eu/login?url=https://doi.org/10.1007/978-3-658-08228-4
Publication
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Control code
978-3-658-08228-4
Dimensions
unknown
Extent
1 online resource (XII, 69 pages)
Form of item
  • online
  • electronic
Governing access note
Use of this electronic resource may be governed by a license agreement which restricts use to the European University Institute community. Each user is responsible for limiting use to individual, non-commercial purposes, without systematically downloading, distributing, or retaining substantial portions of information, provided that all copyright and other proprietary notices contained on the materials are retained. The use of software, including scripts, agents, or robots, is generally prohibited and may result in the loss of access to these resources for the entire European University Institute community
Isbn
9783658082284
Media category
computer
Media MARC source
rdamedia
Media type code
c
Other physical details
9 illustrations
Specific material designation
remote
System control number
(OCoLC)896824860

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