rule and targets a zero inflation rate, there is a significant increase in the variability of output but not inflation …

frameworks in the presence of a low natural rate of interest and a lower bound on interest rates. Under a standard inflation …-targeting approach, inflation expectations will be anchored at a level below the inflation target, which in turn exacerbates the … eliminate this problem of a downward bias in inflation expectations by following an average-inflation targeting framework that …

approach to address endogeneity. Consistent with economic theory, our estimates show a nonlinear demand function that exhibits …