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Price-Level Uncertainty and Inflation Targeting (ICPSR 1209)
Principal Investigator(s): Dittmar, Robert, Federal Reserve Bank of St. Louis; Gavin, William T., Federal Reserve Bank of St. Louis; Kydland, Finn E., Federal Reserve Bank of St. Louis
In this paper, the authors make two points about commonly proposed rules for inflation targeting. First, they argue that there is a great deal of uncertainty about the price level and inflation inherent in current proposals to target inflation. They show that the degree to which the central bank cares about the real economy can have a large impact on price level (and inflation) uncertainty. They find that the magnitudes of uncertainty that prevailed across the G-10 throughout the last four decades are the expected consequence of commonly proposed inflation-targeting regimes. Second, they show that if central banks want both to stabilize business cycle fluctuations and to achieve price stability, then it may be useful to adopt a long-term objective for the price level.
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Dittmar, Robert, William T. Gavin, and Finn E. Kydland. Price-Level Uncertainty and Inflation Targeting. ICPSR01209-v1. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 1999-12-10. http://doi.org/10.3886/ICPSR01209.v1
Persistent URL: http://doi.org/10.3886/ICPSR01209.v1
Scope of Study
Data Collection Notes:
(1) The data file is called 9907BGD.XLS. (2) These data are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.
Original ICPSR Release: 1999-12-10
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