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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Submitted on : Tuesday, November 20, 2012 - 8:53:03 AM
Last modification on : Tuesday, April 24, 2018 - 5:20:09 PM

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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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