@article{Stabilization:1206,
      recid = {1206},
      author = {Ambler, Steve},
      title = {Price-Level Targeting and Stabilization Policy: A Review},
      publisher = {Bank of Canada},
      address = {2007},
      pages = {1 online resource (iii, 27 pages)},
      abstract = {The author surveys recent articles on the costs and  benefits of price-level targeting versus inflation  targeting, focusing on the benefits and costs of  price-level targeting as a tool for stabilization policy.  He reviews papers that examine how price-level targeting  affects the short-run trade-off between output and  inflation variability by influencing expectations of future  inflation. The author looks at the implications of this  argument for assigning an objective based on price-level  targeting to a central bank that is unable to commit to its  future policies. He discusses some recent papers that  examine how price-level targeting can help to avoid the  zero-bound problem, and papers that examine the incentives  created by price-level targeting to change the degree of  indexation of private contracts.},
      url = {http://www.oar-rao.bank-banque-canada.ca/record/1206},
      doi = {https://doi.org/10.34989/sdp-2007-11},
}