An Explanation of Asymmetric Effects of Inflation Targeting <Article>
Use this link to cite this item : http://doi.org/10.15027/36153
ID | 36153 |
file | |
creator |
Matsukawa, Shigeru
Okamura, Kumiko
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NDC |
Economics
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abstract | Matsukawa, Okamura and Taki (2012) show that in a neoclassical Phillips curve model, two types of discretionary equilibria can be characterized as a deflationary equilibrium and a highinflation equilibrium and the absolute value of feedback coefficient on the lagged output gap is larger for the former. This paper points out that inflation targeting can be supported by activist monetary policy in bringing inflation down, if the economy is in a high-inflation equilibrium, but not in getting out of the deflationary trap if the economy is in a deflationary equilibrium.
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journal title |
The Hiroshima Economic Review
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volume | Volume 38
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issue | Issue 1
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start page | 77
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end page | 90
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date of issued | 2014-07-25
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publisher | 広島大学経済学会
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issn | 0386-2704
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ncid | |
language |
eng
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nii type |
Departmental Bulletin Paper
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HU type |
Departmental Bulletin Papers
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DCMI type | text
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format | application/pdf
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text version | publisher
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rights | Copyright (c) 2014 広島大学
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department |
Graduate School of Social Sciences
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他の一覧 |