Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/114087 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
IZA Discussion Papers No. 9219
Verlag: 
Institute for the Study of Labor (IZA), Bonn
Zusammenfassung: 
In closed or open economy models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. We analyze this result in the context of developing economies, where a large proportion of households are credit constrained and the share of food expenditures in total consumption expenditures is high. We develop an open economy model with incomplete financial markets to show that headline inflation targeting improves welfare outcomes. We also compute the optimal price index, which includes a positive weight on food prices but, unlike headline inflation, assigns zero weight to import prices.
Schlagwörter: 
headline inflation
core inflation
monetary policy framework
inflation targeting
financial frictions
JEL: 
E31
E52
E61
Dokumentart: 
Working Paper

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