Monetary Policy in a Low‐Inflation Environment: Developing a State‐Contingent Price‐Level Target
研究发现在流动性陷阱危机中，价格水平目标或暂时高于平均的通胀率是近乎最优的政策，但央行和公众对此存疑。本文讨论这些替代政策是否有助于美联储实现其双重使命。
A number of academic studies find that either price‐level targeting or temporary above‐average inflation are nearly optimal policies to address a liquidity trap crisis. Still, central bankers and the public generally question whether even a temporarily higher inflation rate could be beneficial in addressing a liquidity trap or could be consistent with price stability over the longer term. At the same time, however, the Federal Reserve's projections for high unemployment and low inflation do not seem to be consistent with the best monetary policies to address the Fed's dual mandate responsibilities. Accordingly, it is useful to seriously discuss these potentially beneficial alternative policies.