Selection of optimal monetary rule: What type f inflation targeting?

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ERFANI ALIREZA; SADEQI FARZANEH; SAMIEI NEDA

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Journal: Journal of Economic Research Year:2015 | Volume:50 | Issue:2 Page(s): 389-414

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Title

Selection of optimal monetary rule: What type f inflation targeting?

Author(s)

ERFANI ALIREZA | SADEQI FARZANEH | SAMIEI NEDA | Issue Writer Certificate

Keywords

CPI inflation targetingQ1

generalized method of momentsQ1

Neo-Keynsey Phillips curveQ2

optimal monetary policyQ2

WPI inflation targetingQ2

Abstract

This paper aims to examine and discuss inflation targeting in framework of monetary policy rules. This study designs an optimal model for Iran which compares different cases of domestic and CPI inflation targeting, strict and flexible inflation targeting. In this regard, the optimal monetary policy rule was designed using three constraints including Neo-Keynesian Phillips curve, aggregate demand function and CPI inflation function that have been estimated by generalized method of moments (GMM). It seems that using inflation targeting in the case of strict targeting is the first preference among alternatives in making decision of policy makers for Iran. But this study suggests only one scenario for decision making whereby the CPI inflation target in sticky mode was used, since it imposes the least possible losses on the central bank.

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APA: Copy

ERFANI, ALIREZA, SADEQI, FARZANEH, & SAMIEI, NEDA. (2015). Selection of optimal monetary rule: What type f inflation targeting?. TAHGHIGHAT-E-EGHTESADI, 50(2 ), 389-414. SID. https://sid.ir/paper/11806/en

Vancouver: Copy

ERFANI ALIREZA, SADEQI FARZANEH, SAMIEI NEDA. Selection of optimal monetary rule: What type f inflation targeting?. TAHGHIGHAT-E-EGHTESADI[Internet]. 2015;50(2 ):389-414. Available from: https://sid.ir/paper/11806/en

IEEE: Copy

ALIREZA ERFANI, FARZANEH SADEQI, and NEDA SAMIEI, “Selection of optimal monetary rule: What type f inflation targeting?,” TAHGHIGHAT-E-EGHTESADI, vol. 50, no. 2 , pp. 389–414, 2015, [Online]. Available: https://sid.ir/paper/11806/en

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