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dc.contributor.authorMichl, Thomas R.en
dc.date.accessioned2006-03-10-
dc.date.accessioned2010-05-14T11:09:16Z-
dc.date.available2010-05-14T11:09:16Z-
dc.date.issued2006-
dc.identifier.urihttp://hdl.handle.net/10419/31587-
dc.description.abstractThis paper elaborates a simple model of growth with a Taylor-like monetary policy rule that includes inflation-targeting as a special case. When the inflation process originates in the product market, inflation-targeting locks in the unemployment rate prevailing at the time the policy matures. Although there is an apparent NAIRU and Phillips curve, this long run position depends on initial conditions; in the presence of stochastic shocks, it would be path dependent. Even with an employment target in the Taylor Rule, the monetary authority will generally achieve a steady state that misses both its targets since there are multiple equilibria. With only one policy instrument, Tinbergen's Rule dictates that policy can only achieve one goal, which can take the form of a linear combination of the two targets.en
dc.language.isoengen
dc.publisher|aLevy Economics Institute of Bard College |cAnnandale-on-Hudson, NYen
dc.relation.ispartofseries|aWorking Paper |x444en
dc.subject.jelE12en
dc.subject.jelE52en
dc.subject.ddc330en
dc.subject.keywordInflation targetingen
dc.subject.keywordemployment targetingen
dc.subject.keywordTaylor ruleen
dc.subject.keywordhysteresisen
dc.titleTinbergen rules the Taylor Rule-
dc.typeWorking Paperen
dc.identifier.ppn508798523en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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