Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/53842
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dc.contributor.authorCovas, Franciscoen_US
dc.contributor.authorZhang, Yahongen_US
dc.date.accessioned2011-12-15T12:56:40Z-
dc.date.available2011-12-15T12:56:40Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/53842-
dc.description.abstractThis paper compares price-level-path targeting (PT) with inflation targeting (IT) in a sticky-price, dynamic, general equilibrium model augmented with imperfections in both the debt and equity markets. Using a Bayesian approach, we estimate this model for the Canadian economy. We show that the model with both debt and equity market imperfections fits the data better and use it to compare PT versus the estimated current IT regime. We find that in general PT outperforms the current IT regime. However, the gain is lower when financial market imperfections are taken into account.en_US
dc.language.isoengen_US
dc.publisher|aBank of Canada |cOttawaen_US
dc.relation.ispartofseries|aBank of Canada Working Paper |x2008,26en_US
dc.subject.jelE40en_US
dc.subject.jelE50en_US
dc.subject.ddc330en_US
dc.subject.keywordMonetary policy frameworken_US
dc.subject.keywordInflation targetsen_US
dc.subject.keywordEconomic modelsen_US
dc.subject.stwFinanzmarkten_US
dc.subject.stwUnvollkommener Markten_US
dc.subject.stwPreisniveauen_US
dc.subject.stwInflation Targetingen_US
dc.subject.stwPreisrigiditäten_US
dc.subject.stwGesamtwirtschaftliche Produktionen_US
dc.subject.stwTheorieen_US
dc.subject.stwKanadaen_US
dc.titlePrice-level versus inflation targeting with financial market imperfectionsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn577296205en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US

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