When Does an Inflation Target Yield the Second Best?
研究发现，如果央行独立且政府征收铸币税，通胀目标无法实现次优；社会应将最优通胀目标与对通胀稳定重视程度低于公众的央行结合，以消除过度通胀并确保稳定效率。
It is shown that an inflation target does not establish the second best if the central bank is independent and the government collects seigniorage revenues. To eliminate excessive inflation and ensure that stabilization is efficient, society should combine an optimal inflation target with a central bank that attaches less weight to inflation stabilization than the public does.