Inflation Versus Price-Level Targeting: Bayesian Estimation of a Small Open Dsge Model for Switzerland

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Lukas Heim evaluates the performance of a price-level targeting rule compared to that of a standard inflation targeting rule. The comparison is based on a medium-scale DSGE model which has been estimated based on state-of-the-art Bayesian methods. The model for the Swiss economy is an expanded version of the framework proposed by Gali and Monacelli (2005) as well as Monacelli (2005). It is enriched with habit formation in consumption, price indexation, labor market imperfections, and several additional structural ...

Inflation Versus Price-Level Targeting: Bayesian Estimation of a Small Open Dsge Model for Switzerland 2014, Springer Gabler

ISBN-13: 9783658082277

2015 edition

Trade paperback

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