| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12739 |
| DP12739 Price Level Targeting with Evolving Credibility | |
| Seppo Honkapohja; Kaushik Mitra | |
| 发表日期 | 2018-02-20 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We examine global dynamics under learning in a nonlinear New Keynesian model when monetary policy uses price-level targeting and compare it to inflation targeting. Domain of attraction of the targeted steady state gives a robustness criterion for policy regimes. Robustness of price-level targeting depends on whether a known target path is incorporated into learning. Credibility is measured by accuracy of this forecasting method relative to simple statistical forecasts. Credibility evolves through reinforcement learning. Initial credibility and initial level of target price are key factors influencing performance. Results match the Swedish experience of price level stabilization in 1920's and 30's. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Adaptive learning Limited credibility Inflation targeting Zero interest rate lower bound |
| URL | https://cepr.org/publications/dp12739 |
| 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/541549 |
| 推荐引用方式 GB/T 7714 | Seppo Honkapohja,Kaushik Mitra. DP12739 Price Level Targeting with Evolving Credibility. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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