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Price-Level Uncertainty and Inflation Targeting

Resource Type
Dataset : survey data
  • Dittmar, Robert (Federal Reserve Bank of St. Louis)
  • Gavin, William T. (Federal Reserve Bank of St. Louis)
  • Kydland, Finn E. (Federal Reserve Bank of St. Louis)
Other Title
  • Version 1 (Subtitle)
Publication Date
Free Keywords
central banks; inflation; monetary policy; price controls; price fluctuations; price trends
  • Abstract

    In this paper, the authors make two points about commonly proposed rules for inflation targeting. First, they argue that there is a great deal of uncertainty about the price level and inflation inherent in current proposals to target inflation. They show that the degree to which the central bank cares about the real economy can have a large impact on price level (and inflation) uncertainty. They find that the magnitudes of uncertainty that prevailed across the G-10 throughout the last four decades are the expected consequence of commonly proposed inflation-targeting regimes. Second, they show that if central banks want both to stabilize business cycle fluctuations and to achieve price stability, then it may be useful to adopt a long-term objective for the price level.
  • Table of Contents


    • DS1: Dataset
Collection Mode
  • (1) The data file is called 9907BGD.XLS. (2) These data are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.

This study is freely available to the general public via web download.
Alternative Identifiers
  • 1209 (Type: ICPSR Study Number)
  • Dittmar, Robert, Gavin, William T., Kydland, Finn E.. Price-level uncertainty and inflation targeting. Federal Reserve Bank of St. Louis Review.81, (4), 23-33.1999.

Update Metadata: 2015-08-05 | Issue Number: 6 | Registration Date: 2015-06-15

Dittmar, Robert; Gavin, William T.; Kydland, Finn E. (1999): Price-Level Uncertainty and Inflation Targeting. Version 1. Version: v1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset.