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- W3095277088 abstract "In this paper we study the implementation of a state-dependent inflation target in a two-country monetary union model characterized by boundedly rational agents. In particular, we use the spread between the actual policy rate (which is constrained by the zero-lower-bound) and the Taylor rate (which can become negative) as a measure for the degree of ineffectiveness of conventional monetary policy as a stabilizing mechanism. The perception of macroeconomic risk by the agents is assumed to vary according to this measure by means of the Brock-Hommes switching mechanism. Our numerical simulations indicate a) that a state-dependent inflation target may lead to a better macroeconomic and inflation stabilization, and b) the perceived risk-sharing among the monetary union members influences the financing conditions of the member economies of the monetary union." @default.
- W3095277088 created "2020-11-09" @default.
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- W3095277088 date "2020-01-01" @default.
- W3095277088 modified "2023-09-27" @default.
- W3095277088 title "Monetary policy with a state-dependent inflation target in a behavioral two-country monetary union model" @default.
- W3095277088 hasPublicationYear "2020" @default.
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