An Explanation of Asymmetric Effects of Inflation Targeting <Article>
廣島大學經濟論叢 Volume 38 Issue 1
Page 77-90
published_at 2014-07-25
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| File | |
| Title ( eng ) |
An Explanation of Asymmetric Effects of Inflation Targeting <Article>
|
| Creator |
Matsukawa Shigeru
Okamura Kumiko
|
| Source Title |
廣島大學經濟論叢
The Hiroshima Economic Review
|
| Volume | 38 |
| Issue | 1 |
| Start Page | 77 |
| End Page | 90 |
| Journal Identifire |
[ISSN] 0386-2704
[NCID] AN00213519
|
| Abstract |
Matsukawa, Okamura and Taki (2012) show that in a neoclassical Phillips curve model, two types of discretionary equilibria can be characterized as a deflationary equilibrium and a highinflation equilibrium and the absolute value of feedback coefficient on the lagged output gap is larger for the former. This paper points out that inflation targeting can be supported by activist monetary policy in bringing inflation down, if the economy is in a high-inflation equilibrium, but not in getting out of the deflationary trap if the economy is in a deflationary equilibrium.
|
| NDC |
Economics [ 330 ]
|
| Language |
eng
|
| Resource Type | departmental bulletin paper |
| Publisher |
広島大学経済学会
|
| Date of Issued | 2014-07-25 |
| Rights |
Copyright (c) 2014 広島大学
|
| Publish Type | Version of Record |
| Access Rights | open access |
| Source Identifier |
[ISSN] 0386-2704
[NCID] AN00213519
|
