TY  - UNPD
A1  - Aksoy, Yunus
A1  - Orphanides, Athanasios
A1  - Small, David
A1  - Wieland, Volker
A1  - Wilcox, David
T1  - A quantitative exploration of the opportunistic approach to disinflation
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2005,19
N2  - Under a conventional policy rule, a central bank adjusts its policy rate linearly according to the gap between inflation and its target, and the gap between output and its potential. Under "the opportunistic approach to disinflation" a central bank controls inflation aggressively when inflation is far from its target, but concentrates more on output stabilization when inflation is close to its target, allowing supply shocks and unforeseen fluctuations in aggregate demand to move inflation within a certain band. We use stochastic simulations of a small-scale rational expectations model to contrast the behavior of output and inflation under opportunistic and linear rules. Klassifikation: E31, E52, E58, E61. July, 2005.
T3  - CFS working paper series - 2005, 19 
KW  - Inflation targeting
KW  - monetary policy
KW  - interest rates
KW  - policy rules
KW  - disinflation
KW  - Inflation Targeting
KW  - Geldpolitik
KW  - Zinsfuß
KW  - Disinflation
Y1  - 2005
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/4056
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-14345
ER  -