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Part 1: Document Description
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Citation |
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Title: |
Replication data for: What Measure of Inflation Should a Central Bank Target? |
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Identification Number: |
doi:10.7910/DVN/LHEYJ2 |
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Distributor: |
Harvard Dataverse |
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Date of Distribution: |
2008-12-17 |
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Version: |
1 |
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Bibliographic Citation: |
Ricardo Reis; N. Gregory Mankiw, 2008, "Replication data for: What Measure of Inflation Should a Central Bank Target?", https://doi.org/10.7910/DVN/LHEYJ2, Harvard Dataverse, V1 |
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Citation |
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Title: |
Replication data for: What Measure of Inflation Should a Central Bank Target? |
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Identification Number: |
doi:10.7910/DVN/LHEYJ2 |
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Authoring Entity: |
Ricardo Reis (Columbia University) |
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N. Gregory Mankiw (Harvard University) |
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Date of Production: |
2003 |
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Distributor: |
Harvard Dataverse |
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Distributor: |
Ricardo Reis |
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Date of Deposit: |
2007-07 |
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Date of Distribution: |
2007 |
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Holdings Information: |
https://doi.org/10.7910/DVN/LHEYJ2 |
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Study Scope |
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Abstract: |
This paper assumes that a central bank commits itself to maintaining an inflation target and then asks what measure of the inflation rate the central bank should use if it wants to maximize economic stability. The paper first formalizes this problem and examines its microeconomic foundations. It then shows how the weight of a sector in the stability price index depends on the sector's characteristics, including size, cyclical sensitivity, sluggishness of price adjustment, and magnitude of sectoral shocks. When a numerical illustration of the problem is calibrated to U.S. data, one tentative conclusion is that a central bank that wants to achieve maximum stability of economic activity should use a price index that gives substantial weight to the level of nominal wages. |
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Methodology and Processing |
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Sources Statement |
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Data Access |
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Notes: |
<a href="http://creativecommons.org/publicdomain/zero/1.0">CC0 1.0</a> |
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Other Study Description Materials |
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Related Publications |
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Citation |
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Title: |
Reis, Ricardo. 2003. "What Measure of Inflation Should a Central Bank Target?" with N. Gregory Mankiw. Journal of the European Economic Association, 1 (5), 1058-1086, 2003. <a href="http://www.princeton.edu/~rreis/papers/targetJEEA.pdf" target= "_new"> article available here </a> |
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Bibliographic Citation: |
Reis, Ricardo. 2003. "What Measure of Inflation Should a Central Bank Target?" with N. Gregory Mankiw. Journal of the European Economic Association, 1 (5), 1058-1086, 2003. <a href="http://www.princeton.edu/~rreis/papers/targetJEEA.pdf" target= "_new"> article available here </a> |
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Label: |
MR_SPI.nb |
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Text: |
Mathmatica file that produces all the figures |
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Notes: |
text/plain; charset=US-ASCII |