| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14161 |
| DP14161 Hitting the Elusive Inflation Target | |
| Francesco Bianchi; Leonardo Melosi; Matthias Rottner | |
| 发表日期 | 2019-11-30 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Since the 2001 recession, average core inflation has been below the Federal Reserve's 2% target. This deflationary bias is a predictable consequence of a symmetric monetary policy strategy that fails to recognize the risk of encountering the zero-lower-bound. An asymmetric rule according to which the central bank responds less aggressively to above-target inflation corrects the bias, improves welfare, and reduces the risk of deflationary spirals - a pathological situation in which inflation keeps falling indefinitely. This approach does not entail any history dependence or commitment to overshoot the inflation target and can be implemented with an asymmetric target range. A counterfactual simulation shows that a modest level of asymmetry would have removed the deflationary bias observed in the United States. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Asymmetric monetary policy De ationary bias De ationary spiral Target range Framework review |
| URL | https://cepr.org/publications/dp14161-0 |
| 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/543047 |
| 推荐引用方式 GB/T 7714 | Francesco Bianchi,Leonardo Melosi,Matthias Rottner. DP14161 Hitting the Elusive Inflation Target. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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