Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/83974
Authors: 
Minford, Patrick
Nowell, Eric
Webb, Bruce
Year of Publication: 
2005
Series/Report no.: 
Cardiff Economics Working Papers E2005/12
Abstract: 
When indexation is endogenous price level targeting slightly adds to economic stability, contrary to widespread fears to the contrary. The aggregate supply curve flattens and the aggregate demand curve steepens, increasing stability in the face of supply shocks.
Subjects: 
Inflation
targeting
price-level rule
Price level target
indexation
monetary regime
endogenous contracts
stationarity
stability
JEL: 
E31
E42
E52
Document Type: 
Working Paper

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