文章基本信息

标题：Trade-offs in monetary policy
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作者：Ingvild Svendsen ; Øistein Røisland ; Monetary Policy Department 等
期刊名称：Economic Bulletin / Norges Bank
印刷版ISSN：0029-1676
电子版ISSN：1503-8831
出版年度：2004
期号：2
出版社：Norges Bank
摘要：Flexible inflation targeting implies that the central bank must in the short term strike a balance between pricestability and stability in the real economy. With some types of disturbance, for example a demand shock, therewill be little or no conflict between these two objectives. Other disturbances, for example a cost-push shock,may create a conflict between price stability and stability in the real economy in the short term. The centralbank then faces a trade-off. The horizon for achieving the inflation target implicitly provides some indicationof how much weight the central bank gives to stability in the real economy. Considerable emphasis on stabil-ity in the real economy implies a relatively long horizon. In Norges Bank's view, a two-year horizon forachieving the inflation target normally provides a reasonable trade-off between the objectives of price stabil-ity and stability in the real economy