Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/212413 
Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
Bank of Finland Research Discussion Papers No. 5/2018
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
We examine global dynamics under learning in a nonlinear New Keynesian model when monetary policy uses price-level targeting and compare it to inflation targeting. Domain of attraction of the targeted steady state gives a robustness criterion for policy regimes. Robustness of price-level targeting depends on whether a known target path is incorporated into learning. Credibility is measured by accuracy of this forecasting method relative to simple statistical forecasts. Credibility evolves through reinforcement learning. Initial credibility and initial level of target price are key factors influencing performance. Results match the Swedish experience of price level stabilization in 1920's and 30s.
JEL: 
E63
E52
E58
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-952-323-213-6
Dokumentart: 
Working Paper

Datei(en):
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