Árszintcélzás

Árszintcélzás, often translated as price-level targeting, is a monetary policy strategy. In this framework, a central bank aims to guide the general level of prices, not just inflation, towards a predetermined path over time. This differs from traditional inflation targeting, where the focus is solely on keeping inflation within a specific band, often around a 2% target.

Under price-level targeting, if inflation has been below the target path for a period, the central bank would aim for higher inflation in the future to compensate. Conversely, if inflation has been above the target path, future inflation would be expected to be lower. The goal is to ensure that the average price level over the medium to long term aligns with the chosen trajectory.

Proponents argue that price-level targeting can provide greater certainty about future price levels, potentially anchoring inflation expectations more effectively. It can also be more effective in combating deflationary pressures. However, critics point to potential challenges in implementation, such as the difficulty in accurately measuring price levels and the possibility of generating excessive volatility if the central bank attempts to rapidly correct past deviations. The central bank must also communicate its strategy clearly to the public to foster credibility and achieve its objectives.