Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/311104 
Erscheinungsjahr: 
2024
Schriftenreihe/Nr.: 
ECB Working Paper No. 2955
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
We analyze the optimal window length in the average inflation targeting rule within a Behavioral THANK model. The central bank faces an occasionally binding effective lower bound (ELB) or persistent supply shocks, and can also use quantitative easing. We show that the optimal averaging period is infinitely long given a conventional degree of myopia. Finite yet long-lasting windows dominate for higher cognitive discounting; i.e., the makeup property is shown to be qualitatively resistant to deviation from rational expectations. We point out that the optimal window may depend on the speed of return to the target path. We solve the model both locally and globally to disentangle the effects of uncertainty due to the ELB. The welfare loss difference between solution techniques is considerably decreasing in the degree of history dependence.
Schlagwörter: 
Monetary Policy
Average Inflation Targeting
Heterogeneous Agents
Behavioral Macroeconomics
JEL: 
31
E32
E52
E58
E71
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-6765-5
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
1.82 MB





Publikationen in EconStor sind urheberrechtlich geschützt.