文章基本信息

标题：Performance of Inflation Targeting Based On Constant Interest Rate Projections
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作者：Seppo Honkapohja ; Kaushik Mitra
期刊名称：Discussion Papers in Economics / Department of Economics, Royal Holloway
出版年度：2004
卷号：2004
出版社：University of London
摘要：Monetary policy is sometimes formulated in terms of a target level of inflation, a fixed time horizon and a constant interest rate that is anticipated to achieve the target at the specified horizon. These requirements lead to constant interest rate (CIR) instrument rules. Using the standard New Keynesian model, it is shown that some forms of CIR policy lead to both indeterminacy of equilibria and instability under adaptive learning. However, some other forms of CIR policy perform better. We also examine the properties of the different policy rules in the presence of inertial demand and price behaviour.
关键词：Indeterminacy, instability under learning, inflation targeting, inertia in demand, inflation inertia