The Optimal Perception of Inflation Persistence is Zero
研究发现，在存在通胀持续性的经济中，央行在相机抉择下假装通胀没有持续性总能提升福利，甚至消除政策低效。
Abstract This study shows that, in an economy with inflation persistence, it is always welfare improving for a central bank that operates under discretion to behave as if there were no inflation persistence. Under reasonable assumptions about inflation persistence, all of the inefficiency associated with discretionary policymaking is then removed.