| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12723 |
| DP12723 The Optimal Inflation Target and the Natural Rate of Interest | |
| Jordi Gali; Philippe Andrade; Hervé Le Bihan; Julien Matheron | |
| 发表日期 | 2018-02-14 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We study how changes in the value of the steady-state real interest rate affect the optimal inflation target, both in the U.S. and the euro area, using an estimated New Keynesian DSGE model that incorporates the zero (or effective) lower bound on the nominal interest rate. We find that this relation is downward sloping, but its slope is not necessarily one-for-one: increases in the optimal inflation rate are generally lower than declines in the steady-state real interest rate. Our approach allows us not only to assess the uncertainty surrounding the optimal inflation target, but also to determine the latter while taking into account the parameter uncertainty facing the policy maker, including uncertainty with regard to the determinants of the steady-state real interest rate. We find that in the currently empirically relevant region for the US as well as the euro area, the slope of the curve is close to -0.9. That finding is robust to allowing for parameter uncertainty. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Inflation target Effective lower bound |
| URL | https://cepr.org/publications/dp12723 |
| 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/541534 |
| 推荐引用方式 GB/T 7714 | Jordi Gali,Philippe Andrade,Hervé Le Bihan,et al. DP12723 The Optimal Inflation Target and the Natural Rate of Interest. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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