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- W2995023227 abstract "We study the welfare implication of average inflation targeting as a simple interest-rate rule, in which the monetary authority adjusts its short-term policy rate in response to the output gap as well as average inflation deviation from its target instead of reacting to the contemporaneous inflation rate as in a Taylor-type rule. We find that the welfare improvement achieved by switching to average inflation targeting from a standard Taylor rule is modest with a high degree of interest-rate smoothing, whereas it is significant without interest-rate smoothing. We show that average inflation targeting is welfare-improving in the same way as interest-rate smoothing by making the conduct of monetary policy history-dependent. Thus, the high degree of monetary policy inertia in the estimated interest-rate rules in many advanced economies implies that the welfare gain from adopting the average inflation targeting rule would be minimal." @default.
- W2995023227 created "2019-12-26" @default.
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- W2995023227 date "2020-04-01" @default.
- W2995023227 modified "2023-09-23" @default.
- W2995023227 title "Average inflation targeting and interest-rate smoothing" @default.
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- W2995023227 doi "https://doi.org/10.1016/j.econlet.2020.109005" @default.
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