Inflation Targeting, Credibility, and Non-Linear Taylor Rules

Inflation Targeting, Credibility, and Non-Linear Taylor Rules

In this paper we systematically evaluate how central banks respond to deviations from the inflation target. We present a stylized New Keynesian model in which agents' inflation expectations are sensitive to deviations from the inflation target. To (re-)establish credibility, monetary policy und...

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Bibliographic Details
Published in:MAGKS - Joint Discussion Paper Series in Economics (Band 35-2012)
Main Authors: Neuenkirch, Matthias, Tillmann, Peter
Format: Work
Language:English
Published: Philipps-Universität Marburg 2012
Subjects:
Wirtschaft
inflation expectations
Credibility
Taylor rule.
monetary policy
Economics
Online Access:PDF Full Text
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