Employment targeting

Abstract : Inflation is often given the central role in discussions of monetary policy. Is this emphasis warranted? We investigate this in a DSGE model and find: (1) One can implement the optimal interest rate policy using only employment as an instrument, (2) using inflation as an instrument would lead to lower utility.
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Economics Letters, Elsevier, 2008, 99 (2), pp.320-323. 〈10.1016/j.econlet.2007.07.020〉
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Soumis le : mardi 20 novembre 2012 - 08:53:03
Dernière modification le : mardi 24 avril 2018 - 17:20:09

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Jean-Pascal Bénassy. Employment targeting. Economics Letters, Elsevier, 2008, 99 (2), pp.320-323. 〈10.1016/j.econlet.2007.07.020〉. 〈halshs-00754286〉

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