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ID 36153
file
creator
Matsukawa, Shigeru
Okamura, Kumiko
NDC
Economics
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.
journal title
The Hiroshima Economic Review
volume
Volume 38
issue
Issue 1
start page
77
end page
90
date of issued
2014-07-25
publisher
広島大学経済学会
issn
0386-2704
ncid
language
eng
nii type
Departmental Bulletin Paper
HU type
Departmental Bulletin Papers
DCMI type
text
format
application/pdf
text version
publisher
rights
Copyright (c) 2014 広島大学
department
Graduate School of Social Sciences
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