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Is there a case for price-level targeting?

24-Aug-2009

The self-regulating capacity of price-level targeting can be undermined if central banks are not fully credible. Besides, aggressive inflation targeting can replicate some of (but not all) the benefits of price-level targeting. On balance, the case for adopting price-level targeting is not clear-cut, all the more so since transition costs are likely to be significant.

A golden rule for Russia? How a rule-based fiscal policy can allow a smooth adjustment to the new terms of trade

23-Jan-2007

This chapter addresses the challenge that the adjustment to sustained high oil prices poses for macroeconomic management, particularly with respect to competitiveness and inflation. Economics Department Working Paper 537 by Christian Gianella.

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