Hybrid Inflation and Price-Level Targeting
研究结合价格水平与通胀目标的货币政策体制，通过小型开放经济理性预期模型（基于英国数据校准）分析其最优控制与简单规则特征，发现两种目标制的相对优劣取决于模型与政策假设，且并非单调变化。
In this paper we investigate the properties of monetary regimes that combine price-level and inflation targeting. We look both at an optimal control and at a simple rule characterisation of these regimes. We derive numerical results by modelling the economy as a small-scale open-economy RE model calibrated on UK data. We conclude that: (1) the relative merits of price-level and inflation targeting, as well as of mixes of these two, depend on particular modelling and policy assumptions; and (2) these merits do not always change gradually and/or monotonically as we move from one regime to another.