Árszinttervezés

Árszinttervezés, often translated as price level targeting, is a monetary policy strategy where a central bank aims to steer the general price level of the economy to a predetermined path over time. Unlike inflation targeting, which focuses on keeping inflation at a specific rate in the short to medium term, price level targeting seeks to correct for past deviations. If inflation has been too high in the past, leading to a price level above the target path, the central bank would aim for lower inflation in the future to bring the price level back down. Conversely, if inflation has been too low, resulting in a price level below the target path, the central bank would pursue higher inflation to catch up.

The primary goal of árszinttervezés is to enhance the credibility of the central bank and anchor long-term inflation expectations. By committing to a specific price level path, the central bank signals its determination to achieve its inflation objective, even if it means tolerating temporary deviations from the target rate. This can be particularly beneficial in periods of low inflation or deflation, where a clear commitment to a price level target can help prevent prolonged periods of falling prices and stimulate economic activity.

However, árszinttervezés also presents challenges. It can be more complex to communicate to the public than simple inflation targeting, and managing expectations around past deviations can be difficult. Critics also argue that it might lead to excessive interest rate volatility, as the central bank would need to react more strongly to bring the price level back to its target path. The practical implementation and effectiveness of árszinttervezés are subjects of ongoing debate among economists.