Adam, Klaus; Gautier, Erwan; Santoro, Sergio; Weber, Henning - 2021
these trends requires targeting a significantly positive inflation target. Relative price trends shift the optimal inflation … considerations not taken into account in the present paper may push up the optimal inflation targets further. The welfare costs … associated with targeting zero inflation turn out to be substantial and range between 2.1 and 4.5 per cent of consumption in …