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  1. Inflation forecast contracts
    Author: Gersbach, Hans; Hahn, Volker
    Published: [2011]
    Publisher:  CER-ETH - Center of Economic Research at ETH Zurich, Zürich

    We introduce a new type of incentive contract for central bankers: inflation forecast contracts, which make central bankers’ remunerations contingent on the precision of their inflation forecasts. We show that such contracts enable central bankers to... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 590 (149)
    Inter-library loan:
    No inter-library loan

     

    We introduce a new type of incentive contract for central bankers: inflation forecast contracts, which make central bankers’ remunerations contingent on the precision of their inflation forecasts. We show that such contracts enable central bankers to influence inflation expectations more effectively, thus facilitating more successful stabilization of current inflation. Inflation forecast contracts improve the accuracy of inflation forecasts, but have adverse consequences for output. On balance, paying central bankers according to their forecasting performance improves welfare.

     
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    Content information
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/171592
    Edition: This version: July 2011
    Series: Working paper / CER-ETH - Center of Economic Research at ETH Zurich ; 11, 149 (July 2011)
    Subjects: Inflationssteuerung; Inflationserwartung; Politische Kommunikation; Experten; Leistungsanreiz; Theorie; central banks; incentive contracts; transparency; inflation targeting; inflation forecast targeting; intermediate targets
    Scope: 1 Online-Ressource (circa 24 Seiten), Illustrationen
  2. Inflation targeting as a monetary policy rule
    Author: Svensson, Lars E. O.
    Published: 1998
    Publisher:  Univ.-Bibliothek Frankfurt am Main, Frankfurt am Main

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    DDC Categories: 330; 380; 650; 670
    Edition: Version August 1998
    Series: Institut für Kapitalmarktforschung (Frankfurt am Main): CFS working paper series ; Nr. [19]98,16
    Subjects: Inflation Targeting; Geldpolitik; Regelbindung; Theorie; Europäische Union; Inflation Targeting; Geldpolitik; Regelbindung
    Other subjects: (stw)Inflationssteuerung; (stw)Geldpolitik; (stw)Regelbindung versus Diskretion; (stw)Theorie; (stw)EU-Staaten; targets; instruments; indicators; intermediate targets; Arbeitspapier; Graue Literatur
    Scope: Online-Ressource
  3. Inflation targeting as a monetary policy rule
    Author: Svensson, Lars E. O.
    Published: 1998
    Publisher:  Univ.-Bibliothek Frankfurt am Main, Frankfurt am Main

    The purpose of the paper is to survey and discuss inflation targeting in the context of monetary policy rules. The paper provides a general conceptual discussion of monetary policy rules, attempts to clarify the essential characteristics of inflation... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 108 (1998,16)
    Inter-library loan:
    No inter-library loan

     

    The purpose of the paper is to survey and discuss inflation targeting in the context of monetary policy rules. The paper provides a general conceptual discussion of monetary policy rules, attempts to clarify the essential characteristics of inflation targeting, compares inflation targeting to the other monetary policy rules, and draws some conclusions for the monetary policy of the European system of Central Banks.

     
    Export to reference management software   RIS file
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    Content information
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/78070
    Edition: This version: August 1998
    Series: [CFS working paper ; 1998/16]
    Subjects: targets; instruments; indicators; intermediate targets
    Scope: Online-Ressource (50 S.)
    Notes:

    First draft: May 1998