Sustainability, flexibility, and inflation targeting

descriptionPublicationkeyboard_double_arrow_right Article 01 Jan 2012 English Publisher:Elsevier BVJournal:Economics Letters, volume 114, pages 80-82 (issn: 0165-1765,

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Authors: Takushi Kurozumi;

doi: 10.1016/j.econlet.2011.09.020

Sustainability, flexibility, and inflation targeting

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Abstract

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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Bank of Japan
Japan

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