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dc.contributor.authorCovas, Franciscoen
dc.contributor.authorZhang, Yahongen
dc.date.accessioned2011-12-15T12:56:40Z-
dc.date.available2011-12-15T12:56:40Z-
dc.date.issued2008-
dc.identifier.pidoi:10.34989/swp-2008-26en
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
dc.language.isoengen
dc.publisher|aBank of Canada |cOttawaen
dc.relation.ispartofseries|aBank of Canada Working Paper |x2008-26en
dc.subject.jelE40en
dc.subject.jelE50en
dc.subject.ddc330en
dc.subject.keywordMonetary policy frameworken
dc.subject.keywordInflation targetsen
dc.subject.keywordEconomic modelsen
dc.subject.stwFinanzmarkten
dc.subject.stwUnvollkommener Markten
dc.subject.stwPreisniveauen
dc.subject.stwInflation Targetingen
dc.subject.stwPreisrigiditäten
dc.subject.stwGesamtwirtschaftliche Produktionen
dc.subject.stwTheorieen
dc.subject.stwKanadaen
dc.titlePrice-level versus inflation targeting with financial market imperfections-
dc.typeWorking Paperen
dc.identifier.ppn577296205en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:bca:bocawp:08-26en

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