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Monetary policy and the trade-off between inflation and output variability.
- Article from:
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Economic Bulletin
- Article date:
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April 1, 2005
- Author:
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;
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Copyright informationCOPYRIGHT 2005 Lloyds Bank Plc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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This article explores the consequences of various approaches to the conduct of monetary policy. A small, calibrated model of the Norwegian economy is used, which highlights the short-run trade-off between stabilising inflation and stabilising output. Some approaches to policy can be shown to be unambiguously better than others. However, when policy is efficient, the central bank must decide how much output variability it is willing to tolerate in order to attain more stable inflation.
1. Introduction
Since the beginning of the 1990s, several countries have adopted an inflation targeting framework for monetary policy. Since 2001, the operational target of monetary ...
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