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- W3125305000 abstract "I compare nominal GDP level targeting to flexible inflation targeting in a small New Keynesian model subject to the zero lower bound on nominal policy rates. First, I study the performance of optimal discretionary policies. I find that, for a standard calibration, inflation targeting under discretion leaves the economy open to a deflationary trap. Nominal GDP level targeting under discretion, by contrast, provides a firm nominal anchor to the economy. Second, I study simple policy rules and the role of smoothing in the rules. With smoothing, a Taylor-type rule performs as well as a nominal GDP level rule. These result suggest that inflation targeting should not be ditched. Still, it can be improved significantly, by using policy rate smoothing to anchor inflation firmly." @default.
- W3125305000 created "2021-02-01" @default.
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- W3125305000 date "2013-06-01" @default.
- W3125305000 modified "2023-09-27" @default.
- W3125305000 title "Nominal GDP Targeting and the Zero Lower Bound: Should We Abandon Inflation Targeting?" @default.
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