Sustainability, flexibility, and inflation targeting |
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Authors: | Takushi Kurozumi |
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Affiliation: | Bank of Japan, 2-1-1 Nihonbashi Hongokucho, Chuo-ku, Tokyo 103-8660, Japan |
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Abstract: | This paper examines sustainability of an inflation-targeting policy regime in terms of sustainable equilibrium using a canonical model in the recent literature. Overly flexible inflation targeting is not sustainable. Strict inflation targeting is sustainable only when shock persistence is high enough. |
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Keywords: | E52 E58 E61 |
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