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[KAEA-VSS] Macro Seminar, Mar. 9, 8PM Eastern Time (10AM Friday, KST)

March 9, 2023 @ 8:00 pm - 9:30 pm EST

Time: Thursday, Mar. 9 8:00PM Eastern Time (10:00AM Friday in Korea)

Speaker: Yunjong Eo (Korea University)

Determinacy and E-Stability with Interest Rate Rules at the Zero Lower Bound ” (w/ Nigel McClung)

We 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.

Zoom Link

Meeting ID: 997 3660 7978
Passcode: 787589


March 9, 2023
8:00 pm - 9:30 pm EST

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