| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16001 |
| DP16001 On Robustness of Average Inflation Targeting | |
| Seppo Honkapohja; Nigel McClung | |
| 发表日期 | 2021-04-03 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | This paper considers the performance of average inflation targeting (AIT) policy in a New Keynesian model with adaptive learning agents. Our analysis raises concerns regarding robustness of AIT when agents have imperfect knowledge. In particular, the target steady state can be locally unstable under learning if details about the policy are not publicly available. Near the low steady state with interest rates at the zero lower bound, AIT does not necessarily outperform a standard inflation targeting policy. Policymakers can improve outcomes under AIT by (i) targeting a discounted average of inflation, or (ii) communicating the data window for the target. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Adaptive learning Inflation targeting Zero interest rate lower bound |
| URL | https://cepr.org/publications/dp16001 |
| 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/544985 |
| 推荐引用方式 GB/T 7714 | Seppo Honkapohja,Nigel McClung. DP16001 On Robustness of Average Inflation Targeting. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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