The Advantage of Flexible Targeting Rules
研究了债务稳定对通胀目标制的影响，发现严格通胀目标下债务实际价值不变会导致均衡不确定，而包含产出缺口稳定的灵活目标规则可恢复确定性，且灵活通胀目标比灵活债务目标更稳健。
This paper investigates the consequences of debt stabilization for inflation targeting. If the fiscal authority holds constant the real value of debt at maturity under strict inflation targeting, the equilibrium dynamics are indeterminate for a wide range of parameters and steady‐state fiscal stances. “Flexible” targeting rules that include a concern for stabilization of the output gap can restore determinacy of the equilibrium. Flexible inflation targeting appears to be more robust than flexible debt targeting to alternative parameterizations. The fiscal authority can prevent indeterminacy under strict targeting rules by committing to hold constant debt net of interest rate spending.