Bibliographic Information
- Other Title
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- An Explanation of Asymmetric Effects of Inflation Targeting
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Abstract
Matsukawa, Okamura and Taki (2012) show that in a neoclassical Phillips curve model, two types of discretionary equilibria can be characterized as a deflationary equilibrium and a highinflation equilibrium and the absolute value of feedback coefficient on the lagged output gap is larger for the former. This paper points out that inflation targeting can be supported by activist monetary policy in bringing inflation down, if the economy is in a high-inflation equilibrium, but not in getting out of the deflationary trap if the economy is in a deflationary equilibrium.
Journal
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- 廣島大學經濟論叢
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廣島大學經濟論叢 38 (1), 77-90, 2014-07-25
広島大学経済学会
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Details 詳細情報について
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- CRID
- 1390009224855607424
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- NII Article ID
- 120005477771
- 40020182435
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- NII Book ID
- AN00213519
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- DOI
- 10.15027/36153
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- NDL BIB ID
- 025753865
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- ISSN
- 03862704
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- Text Lang
- en
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- Data Source
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- JaLC
- IRDB
- NDL
- CiNii Articles
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- Abstract License Flag
- Allowed