Persson, Torsten; Tabellini, Guido Enrico - 2024
incorporated in the practices of inflation targeting central banks. First, the optimal contract and the implied inflation …-targeting regime should condition on being at the ZLB or out of it. Second - as already argued by others - the optimal inflation target … qualitative lesson does not appear to warrant major quantitative changes of inflation targets. Third, the relevance of the ZLB …