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“It could also institute so-called price-level targeting, in which it explicitly allows for inflation to rise above the 2 percent target to make up for periods at which at ran below the target.”
“The Bank of Canada for several years has been studying the efficacy of a strategy called "price-level targeting," which would see policy makers attempt to achieve a certain increase in nominal prices, rather than tie policy to achieving an annual inflation rate of between 1 per cent and 3 per cent.”
“Since the last five-year agreement was reached, the central bank has been studying whether to lower the current 2 per cent target or shift to a system called price-level targeting, which would aim to achieve a certain level in the consumer price index over time instead of targeting a rate of change.”
“Dudley expresses openness to a form of price-level targeting; I cannot recall any other current Fed policymakers having done so, though it has received more wide discussion among economists outside the Fed.”
“The Fed could shift to a "price-level targeting" regime, indicating that, for example, for every year that inflation hits a percentage point below 2 percent, the Fed will allow commensurately higher inflation in the future.”
“In a statement over the weekend, the National Development and Reform Commission, the country's top economic-planning agency, said the cut in fuel prices "will help lower social costs, alleviate overall price-level pressures and stimulate relatively fast and stable economic growth.”
“The U.K.'s inflation differential with its major trading partners in 2010 can be explained by price-level shocks that will not persist, such as last year's value-added tax hike and the fall in the value of the pound since 2007.”
“But the impact of these price-level shocks will eventually fade to reveal the impact of spare capacity in the economy, which as the anemic rate of wage-growth testifies, is currently depressing underlying inflation.”
“Mr. Evans said that when a central bank "is missing both components of its dual mandate by a large margin, there is justification for targeting a higher price-level path in an effective, disciplined and limited fashion.”
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