Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/212317 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
Bank of Finland Research Discussion Papers No. 9/2015
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
We examine global dynamics under learning in New Keynesian models with price level targeting that is subject to the zero lower bound. The role of forward guidance is analyzed under transparency about the policy rule. Properties of transparent and non-transparent regimes are compared to each other and to the corresponding cases of inflation targeting. Robustness properties for different regimes are examined in terms of the domain of attraction of the targeted steady state and volatility of inflation, output and interest rate. We analyze the effect of higher inflation targets and large expectational shocks for the performance of these policy regimes.
JEL: 
E63
E52
E58
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-952-323-040-8
Dokumentart: 
Working Paper

Datei(en):
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