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Price-Level Targeting versus Inflation Targeting. A theoretical Approach

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D 3 P. C D PF2 1 PD X FQF

c

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M 0 1 3 QP1 k S M 0 D P0 M 1 L . M P[P 0 M C C D 2 M . 0 2 . E . C F2 1 PD X FQFPR D E O QFC FP0 O

QF] 0 QFL . . O . T

c

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. 2 2 3 M M 0 E 2 0 D E O M 0 1 / 0 2 PF N 0 QR

A

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2 L D Q Q0 E S 0 1 WO FT T F2 3 QPR . T / 3 X QF2 2 . C C 3 E F2 D PF. E

A

L FS L 0 Y / . 1 3 M 0 P. PL 0

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1 L . 2 ] 1

A

PL 0 QD 2 ] . T / M D 2 PF2 D Q 0 Y / 0 M F0 E 2 0 FE PL 0 3 1 0 . T 1 3 2 L D C . E 0 PD M R

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A

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the strategy’

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C . E 0 PD M R D 3 PL . M FPR P. C 0 0 P FP1 2 . C C FPC 0 E P1 Z Q0 D O 1 P. PL 0 FO 0 D PL D P

A

FE

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PL 0 * K M0 S FC 0 + * T PL 0 0 2 . E . C R T 0 QP FE P. PL 0 QF\ 3 FO FPR PM D /

A

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O FM 0 2 PF . E

A

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+

A

z L 3 ] D R 0 N + y + W d e g g Z

A Ð

 ‘Ñ Ž ÒÓ Ž Ô Ž Õ

Ö Œ É Ž “‘Ë É Œ Ë  × Ë ’ Ռ “‘Ê Ë Ø Ù Í Ž Ñ “Œ “‘Ê Ë  Ú Ø Ù Í Ž  ‘ Û Ž Ë “Œ Õ Ø Ô ‘ Ž Ë Ñ Ž

A

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. T

j

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g i

+

|

C X Q0 M

A

z + W d e e

s

Z

A Ð

 ‘Ñ Ž ÒÓ Ž Ô Ž Õ Ö Œ  É Ž “‘Ë É Œ Ë  Ý “Œ ‹ ‘Õ‘ Œ “‘Ê Ë

Ð

Ê Õ‘Ñ È Ú Þ

Ý ß  Ô Ž È

A Ï

. 3 M E D Q . T } 2 . E . C F2 z 3 M N 0 R 1 , . Q + d 

A

Ü . + ž

A

/ / + s f t

s s f +

V D E ] . T j D E D O D

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W d e g g Z

A à

Ž Ë Ž á Œ Õ Ê ’ “Ì Ž × Ë ’ Ռ “‘Ê Ë Ò â Ê Ë “ Ê Õ Ö Œ É Ž “

A

V D 2 ] S M . 3 E O * E T . M C D PF. E

A

Ü . N 0 C X 0 M +

Böhm,

Ï

+

A

Filáček,

Ï

+

A

Kubicová, I., Zamazalová, R.

W d e g g Z

A Ð

 ‘Ñ Ž ÒÓ Ž Ô Ž Õ

Ö Œ É Ž “‘Ë É

Þ

à

Ž Œ Õ Þ Õ“Ž  Ë Œ “‘Ô Ž “Ê × Ë ’ Ռ “‘Ê Ë Ö Œ  É Ž “‘Ë É ã

A B

0 1 0 D M 2 L

D E O - . QF2 R Ü . P0 1 . T PL 0

j

c

0 2 L Ü D PF . E D Q V D E ] +

j D M E 0 R

A

y + W d e e s Z

A

Ý Ê Û Ž â Ê Ë  ‘ Ž  Œ “‘Ê Ë  Ê Ë ä  ‘Ë É å Ê Ë Ž “Œ È

Ð

Ê Õ‘Ñ È “Ê

Ý “Œ ‹ ‘Õ‘æ Ž Ø Ñ Ê Ë Ê Û ‘Ñ Þ Ñ “‘Ô ‘“È ç M 0 C D M ] 1 P. D z R C / . 1 F3 C z / . E 1 . M 0 O X R

PL 0 r 0 O 0 M D Q

B

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j

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j

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m

+

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A è

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g

e Z

A

Ö Ì Ž é Í “‘Û Œ Õ

× Ë ’ Ռ “‘Ê Ë

à

Œ “Ž ‘Ë ê Ž á ë Ž È Ë Ž  ‘Œ Ë å Ê  Ž Ս

A

Ü D PF. E D Q V 3 M 0 D 3 . T

} 2 . E . C F2

B

0 1 0 D M 2 L ~ . M ] FE S - D / 0 M Ü . + g h e s  +

j

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{ +

A

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+

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i

Z

A

× Ë ’ Ռ “‘Ê Ë Ö Œ  É Ž “‘Ë É Œ Ë 

Ð

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Ó Ž Ô Ž ÕÒ

Ð

Œ “Ì Ö Œ É Ž “‘Ë É ‘Ë “Ì Ž ì Ø å Ú Ý Ê Û Ž é Í Ž Ë Ø Ñ Ê Ë Ê Û È

â Ê Ë  ‘ Ž  Œ “‘Ê Ë 

A

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{ 0

B

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A

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+

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|

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g

e Z

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Þ Õ“Ž  Ë Œ “‘Ô Ž é Í “‘Û ‘æ Ž 

å Ê Ë Ž “Œ  È

Ð

Ê Õ‘Ñ È

à

ß ÕŽ  ‘Ë å ß Õ“‘Ò Ý Ž Ñ “Ê  Ý Û Œ ÕÕ é Í Ž Ë Ø Ñ Ê Ë Ê Û ‘Ž  Ú Ö Ì Ž

à

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à

Ž Œ Õ

à

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} S S 0 M P1 1 . E

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A

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y + W d e e  Z

A

Ö Ì Ž í Ž  Ê î Ê ß Ë  Ê Ë × Ë “Ž  Ž  “

à

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Ð

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} 2 . E . C F2 | 2 PFN FPR Ü . + g

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d g g +

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j + … + W d e g e Z

A

å Ê Ë Ž “Œ  È

Ð

Ê Õ‘Ñ È ‘Ë Œ Ó Ê á Ò× Ë ’ Ռ “‘Ê Ë Ø Ë Ô ‘ Ê Ë Û Ž Ë “ Ú

ï Ž Ô Ž ÕÊ Í ‘Ë É Œ Ý “Œ “Ž Ò â Ê Ë “‘Ë É Ž Ë “

Ð

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A

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Federal Reserve Bank of Boston’s 55th

} 2 . E . C F2 j . E T 0 M 0 E 2 0

A

m 2 P. X 0 M g h +

r FQQF. E

A Ï

+ r +

A

K 0 PQ . U

A B

+ W

g s s t

Z

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í Ž  Ê Ò× Ë ’ Ռ “‘Ê Ë Ê 

Ð

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Ö Œ É Ž “‘Ë É ã Ý Ê Û Ž Þ Ë  á Ž   ’  Ê Û Ý “Ê Ñ Ì Œ  “‘Ñ Ý ‘Û ß ÕŒ “‘Ê Ë  Ê Ë Œ Ý Û Œ ÕÕ

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j

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A

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g

d

s

g h h

A

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j

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A

z + W

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Z

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j

0 E PM D Q

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A

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d h d

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A

(12)

* + , + - . / 0 1 2 3

f

ƒ D L E

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 + | + W d e e s Z

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î Ž È Ê Ë  × Ë ’ Ռ “‘Ê Ë Ö Œ  É Ž “‘Ë É Ú Ý Ì Ê ß Õ ⠎ Ë “ Œ Õ î Œ Ë ð 

Ö Œ  É Ž “ “Ì Ž

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A

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B

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h t +

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A

y + W d e g g Z

A

Þ  Ž î È É Ê Ë Ž  Ë Ê “ î È É Ê Ë Ž  ã

å Ê  Ž Õ‘Ë É

Ð

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’  Ê Û “Ì Ž ì Ê Õ Ý “Œ Ë  Œ  

A Ï

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f ž +

y F1 L ] FE

A

r + z + W d e

g g

Z

A

å Ê Ë Ž “Œ È

Ð

Ê Õ‘Ñ È Ý “ Œ “Ž É È Ú Ó Ž   Ê Ë  ’  Ê Û “Ì Ž

⠐ ‘ ‘

A

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B

0 1 0 D M 2 L

A

~ . M ] FE S - D / 0 M Ü . +

g h f ž ž +

y 3 M 2 L F1 . E

A

z + W d e g e Z

A Ð

 ‘Ñ Ž ÒÓ Ž Ô Ž Õ Ö Œ É Ž “‘Ë É Œ Ë 

à

Ž Ռ “‘Ô Ž Ò

Ð

 ‘Ñ Ž Ý Ì Ê Ñ ð 

A

V D E ] . T

j

D E D O D

B

0 N F0 U W z 3 C C 0 M Z k

g g

d

g

+

z N 0 E 1 1 . E

A

… + } + m + W g s s s Z

A Ð

 ‘Ñ Ž ÒÓ Ž Ô Ž Õ Ö Œ É Ž “‘Ë É Ô Ž   ß  × Ë ’ Ռ “‘Ê Ë

Ö Œ  É Ž “‘Ë É Ú Þ ò  Ž Ž Ó ß Ë Ñ Ì ã

Ï

. 3 M E D Q . T y . E 0 R

A

j M 0 O FP D E O V D E ] FE S  g

W  Z k d f f

s ž

+

, 0 1 PFE

A

{ + W d e e h Z

A Ð

 ‘Ñ Ž ÒÓ Ž Ô Ž Õ Ô Ž   ß  × Ë ’ Ռ “ ‘Ê Ë Ö Œ  É Ž “‘Ë É

A Ï

. 3 M E D Q . T

y . E 0 PD M R } 2 . E . C F2 1 , . Q + ž 

A

/ / + g  h g

References

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