{"title":"通胀目标制是一种过时的策略吗?","authors":"A. Locarno, Alessandra Locarno","doi":"10.2139/ssrn.3827481","DOIUrl":null,"url":null,"abstract":"The paper compares the main monetary policy strategies to assess which one is the best performing in terms of both minimising the volatility of inflation and the output-gap and reducing the probability of falling into a liquidity trap. The strategies differ in the degree of history dependence and are assessed by means of a three-equation New Keynesian DSGE model, which is estimated with Bayesian methods on euro area data. Only optimal rules are considered for each strategy.","PeriodicalId":389704,"journal":{"name":"Bank of Italy Research Paper Series","volume":"55 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2021-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"22","resultStr":"{\"title\":\"Is Inflation Targeting a Strategy Past its Sell-by Date?\",\"authors\":\"A. Locarno, Alessandra Locarno\",\"doi\":\"10.2139/ssrn.3827481\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"The paper compares the main monetary policy strategies to assess which one is the best performing in terms of both minimising the volatility of inflation and the output-gap and reducing the probability of falling into a liquidity trap. The strategies differ in the degree of history dependence and are assessed by means of a three-equation New Keynesian DSGE model, which is estimated with Bayesian methods on euro area data. Only optimal rules are considered for each strategy.\",\"PeriodicalId\":389704,\"journal\":{\"name\":\"Bank of Italy Research Paper Series\",\"volume\":\"55 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2021-02-12\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"22\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Bank of Italy Research Paper Series\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3827481\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Bank of Italy Research Paper Series","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3827481","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Is Inflation Targeting a Strategy Past its Sell-by Date?
The paper compares the main monetary policy strategies to assess which one is the best performing in terms of both minimising the volatility of inflation and the output-gap and reducing the probability of falling into a liquidity trap. The strategies differ in the degree of history dependence and are assessed by means of a three-equation New Keynesian DSGE model, which is estimated with Bayesian methods on euro area data. Only optimal rules are considered for each strategy.
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