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On robustness of average inflation targeting
Honkapohja, Seppo; McClung, Nigel - 2021
This paper considers the performance of average inflation targeting (AIT) policy in a New Keynesian model with adaptive … inflation targeting policy. Policymakers can improve outcomes under AIT by (i) targeting a discounted average of inflation, or …
Persistent link: https://www.econbiz.de/10012508649
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Price Level Targeting with Evolving Credibility
Honkapohja, Seppo - 2018
-level targeting and compare it to inflation targeting. Domain of attraction of the targeted steady state gives a robustness criterion …
Persistent link: https://www.econbiz.de/10012926679
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Comparing Inflation and Price Level Targeting : The Role of Forward Guidance and Transparency
Honkapohja, Seppo - 2017
transparent and non-transparent regimes are compared to each other and to the corresponding cases of inflation targeting … volatility of inflation, output and interest rate. We analyze the effect of higher inflation targets and large expectational …
Persistent link: https://www.econbiz.de/10012970800
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Targeting Nominal GDP or Prices : Guidance and Expectation Dynamics
Honkapohja, Seppo - 2014
either price-level or nominal GDP targeting and compare these regimes to inflation targeting. These interest-rate rules are … domain of attraction of the targeted steady state, volatility of inflation and output and sensitivity to the speed of …
Persistent link: https://www.econbiz.de/10013059492
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Comparing Inflation and Price Level Targeting : The Role of Forward Guidance and Transparency
Honkapohja, Seppo - 2015
transparent and non-transparent regimes are compared to each other and to the corresponding cases of inflation targeting … volatility of inflation, output and interest rate. We analyze the effect of higher inflation targets and large expectational …
Persistent link: https://www.econbiz.de/10013022890
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On Robustness of Average Inflation Targeting
Honkapohja, Seppo; McClung, Nigel - 2021
This paper considers the performance of average inflation targeting (AIT) policy in a New Keynesian model with adaptive … inflation targeting policy. Policymakers can improve outcomes under AIT by (i) targeting a discounted average of inflation, or …
Persistent link: https://www.econbiz.de/10013232133
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Adaptive Learning and Monetary Policy Design
Honkapohja, Seppo; Evans, George W. - 2003
We review the recent work on interest rate setting, which emphasizes the desirability of designing policy to ensure stability under private agent learning. Appropriately designed expectations based rules can yield optimal rational expectations equilibria that are both determinate and stable...
Persistent link: https://www.econbiz.de/10014089471
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Performance of Inflation Targeting Based on Constant Interest Rate Projections
Honkapohja, Seppo; Mitra, Kaushik - 2004
Monetary policy is sometimes formulated in terms of a target level of inflation, a fixed time horizon and a constant …
Persistent link: https://www.econbiz.de/10014074175
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On Robustness of Average Inflation Targeting
Honkapohja, Seppo; McClung, Nigel - 2022
This paper considers the performance of average inflation targeting (AIT) policy when there is imperfect knowledge … steady state with interest rates at the zero lower bound, AIT does not outperform standard inflation targeting policy … responds aggressively to below-target average inflation …
Persistent link: https://www.econbiz.de/10013307135
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Performance of inflation targeting based on constant interest rate projections
Honkapohja, Seppo; Mitra, Kaushik - 2003
Monetary policy is sometimes formulated in terms of a target level of inflation, a fixed time horizon and a constant …
Persistent link: https://www.econbiz.de/10010298248