árszintcélzást

Árszintcélzás is a monetary policy strategy employed by central banks. The core idea is to explicitly target a specific level for the general price level, or inflation, over a certain period. Instead of focusing on keeping inflation at a low but constant rate, or managing short-term inflation fluctuations, árszintcélzás aims to ensure that the price level returns to its predetermined path over time.

This approach differs from traditional inflation targeting, which typically focuses on stabilizing inflation around a specific percentage rate. Under árszintcélzás, if inflation is too high in one period, leading to a higher price level than targeted, the central bank would aim for lower inflation in subsequent periods to bring the price level back to the desired path. Conversely, if inflation is too low, the central bank would aim for higher inflation to catch up.

Proponents argue that árszintcélzás can enhance the credibility of a central bank and improve its ability to manage inflation expectations. By committing to a price level path, the central bank provides a clearer long-term anchor for economic agents. This can be particularly useful in situations where inflation has deviated significantly from the target, as it offers a clear plan for correction. However, critics raise concerns about the complexity of implementation and communication, as well as potential difficulties in achieving precise price level control, especially in the face of supply shocks. The effectiveness of árszintcélzás is a subject of ongoing debate among economists.