| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10513 |
| DP10513 Comparing Inflation and Price Level Targeting: the Role of Forward Guidance and Transparency | |
| Seppo Honkapohja; Kaushik Mitra | |
| 发表日期 | 2015-03-29 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We examine global dynamics under learning in New Keynesian models with price level targeting that is subject to the zero lower bound. The role of forward guidance is analyzed under transparency about the policy rule. Properties of transparent and non-transparent regimes are compared to each other and to the corresponding cases of inflation targeting. Robustness properties for different regimes are examined in terms of the domain of attraction of the targeted steady state and volatility of inflation, output and interest rate. We analyze the effect of higher inflation targets and large expectational shocks for the performance of these policy regimes. |
| 主题 | International Macroeconomics |
| 关键词 | Adaptive learning monetary policy Zero interest rate lower bound |
| URL | https://cepr.org/publications/dp10513 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539345 |
| 推荐引用方式 GB/T 7714 | Seppo Honkapohja,Kaushik Mitra. DP10513 Comparing Inflation and Price Level Targeting: the Role of Forward Guidance and Transparency. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
