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SUMMARY:[KAEA-VSS] Macro Seminar Mar. 9, 8PM Eastern Time (10AM Friday in Korea)
DESCRIPTION:\n\nKAEA Macro VSS\nTime: Thursday, Mar. 9 8:00PM Eastern Time (10:00AM Friday in Korea)\nSpeaker: Yunjong Eo (Korea University)\nPaper:\n“Determinacy and E-Stability with Interest Rate Rules at the Zero Lower Bound ( https://kaea.org/wp-content/uploads/2023/02/Eo_McClung_2022_09.pdf ) ” (w/ Nigel McClung)\nWe evaluate and compare alternative interest rate rules, namely average inflation targeting, price level targeting, and traditional inflation targeting rules, in a standard New Keynesian model that features recurring, transient zero lower bound regimes. We use determinacy and expectational stability (E-stability) of equilibrium as the criteria for stabilization policy. We find that price level targeting policy, including nominal GDP targeting as a special case, most effectively promotes determinacy and E-stability among the policy frameworks, whereas standard inflation targeting rules are prone to indeterminacy. Average inflation targeting can induce determinacy and E-stability effectively, provided the averaging window is sufficiently long.\nZoom Link\nhttps://wustl.zoom.us/j/99736607978?pwd=S1ZiNjlmK2tnQXBPbWxxYWhnNWNJQT09 ( https://wustl.zoom.us/j/99736607978?pwd=S1ZiNjlmK2tnQXBPbWxxYWhnNWNJQT09 )\nMeeting ID: 997 3660 7978\nPasscode: 787589\n\n\n\n\n
URL:https://kaea.org/events/seminars/macro/kaea-vss-macro-seminar-mar-9-8pm-eastern-time-10am-friday-in-korea/
CATEGORIES:Macro,Seminars
LOCATION:Zoom Meeting
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