Inflation targeting under potential output uncertainty /

Inflation targeting under potential output uncertainty /

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Bibliographic Details
Author / Creator:	Gaiduch, Victor.
Imprint:	[Washington, D.C.] : International Monetary Fund, Research Dept., ©2000.
Description:	1 online resource (28 pages) : illustrations
Language:	English
Series:	IMF working paper, 2227-8885 ; WP/00/158 IMF working paper ; WP/00/158.
Subject:	Monetary policy -- New Zealand -- Econometric models. Industrial productivity -- New Zealand -- Econometric models. Prices -- New Zealand -- Econometric models. Inflation (Finance) -- New Zealand -- Econometric models. Industrial productivity -- Econometric models. Inflation (Finance) -- Econometric models. Monetary policy -- Econometric models. Prices -- Econometric models. New Zealand.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12497104

Hidden Bibliographic Details
Other authors / contributors:	Hunt, Ben, 1958- International Monetary Fund. Research Department.
ISBN:	1451902700 9781451902709 1462370055 9781462370054 1452756252 9781452756257 1282109561 9781282109568 9786613802453 661380245X
Notes:	Includes bibliographical references (pages 21-24). Restrictions unspecified Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010. Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 English. digitized 2010 HathiTrust Digital Library committed to preserve Print version record.
Summary:	To achieve their price stability objectives, many monetary authorities use the gap between current and potential output as an indicator of future price pressures. This policy-setting strategy has been criticized because potential output estimates have a high degree of uncertainty. In this paper, estimates of potential output uncertainty in New Zealand are used to examine the output gap's usefulness. The results suggest that although output gap uncertainty leads to more inflation and output variability, policy based directly and/or indirectly on the output gap leads to better macroeconomic stability than policy based only on observable inflation and output growth.
Other form:	Print version: Gaiduch, Victor. Inflation targeting under potential output uncertainty. [Washington, D.C.] : International Monetary Fund, Research Dept., ©2000
Standard no.:	10.5089/9781451902709.001

Description
Summary:	To achieve their price stability objectives, many monetary authorities use the gap between current and potential output as an indicator of future price pressures. This policy-setting strategy has been criticized because potential output estimates have a high degree of uncertainty. In this paper, estimates of potential output uncertainty in New Zealand are used to examine the output gap's usefulness. The results suggest that although output gap uncertainty leads to more inflation and output variability, policy based directly and/or indirectly on the output gap leads to better macroeconomic stability than policy based only on observable inflation and output growth.
Physical Description:	1 online resource (28 pages) : illustrations
Format:	Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Bibliography:	Includes bibliographical references (pages 21-24).
ISBN:	1451902700 9781451902709 1462370055 9781462370054 1452756252 9781452756257 1282109561 9781282109568 9786613802453 661380245X
ISSN:	2227-8885 ;