Title
Inflation versus PriceLevel Targeting: Bayesian Estimation of a Small Open DSGE Model for Switzerland (BestMasters),Used
Delivery time: 8-12 business days (International)
Lukas Heim evaluates the performance of a pricelevel targeting rule compared to that of a standard inflation targeting rule. The comparison is based on a mediumscale DSGE model which has been estimated based on stateoftheart Bayesian methods. The model for the Swiss economy is an expanded version of the framework proposed by Gal and Monacelli (2005) as well as Monacelli (2005). It is enriched with habit formation in consumption, price indexation, labor market imperfections, and several additional structural disturbances. The results show that exactly as expected the volatility of inflation is quite significantly lower under the pricelevel targeting regime, whereas the volatility of the output gap is markedly higher conditional on either productivity or preference shocks. Therefore, the introduction of a pricelevel targeting regime would likely produce an increase in the volatility of real economic activity conditional on both supplyside and demandside shocks. Since inflation and output are targeted simultaneously, none of the two policies is strictly dominant.
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Shipping & Returns
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We ship your order within 2–3 business days for USA deliveries and 5–8 business days for international shipments. Once your package has been dispatched from our warehouse, you'll receive an email confirmation with a tracking number, allowing you to track the status of your delivery.
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To facilitate a smooth return process, a Return Authorization (RA) Number is required for all returns. Returns without a valid RA number will be declined and may incur additional fees. You can request an RA number within 15 days of the original delivery date. For more details, please refer to our Return & Refund Policy page.
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We provide a 2-year limited warranty, from the date of purchase for all our products.
If you believe you have received a defective product, or are experiencing any problems with your product, please contact us.
This warranty strictly does not cover damages that arose from negligence, misuse, wear and tear, or not in accordance with product instructions (dropping the product, etc.).
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Your payment information is processed securely. We do not store credit card details nor have access to your credit card information.
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