Inflation targeting and liquidity traps under endogenous credibility
Policy implications are derived for an inflation-targeting central bank, whose credibility is endogenous and depends on its past ability to achieve its targets. This is done in a New Keynesian framework with heterogeneous and boundedly rational expectations. We find that the region of allowed policy...
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| Main Authors: | , |
|---|---|
| Format: | Article (Journal) |
| Language: | English |
| Published: |
1 August 2019
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| In: |
Journal of monetary economics
Year: 2019, Volume: 107, Pages: 48-62 |
| DOI: | 10.1016/j.jmoneco.2019.01.027 |
| Online Access: | Verlag, lizenzpflichtig, Volltext: https://doi.org/10.1016/j.jmoneco.2019.01.027 Verlag, lizenzpflichtig, Volltext: https://www.sciencedirect.com/science/article/pii/S0304393219300170 
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| Author Notes: | Cars Hommes, Joep Lustenhouwer |
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