Public Debt and Changing Inflation Targets
在新凯恩斯模型中研究央行提高通胀目标对实际公共债务负担的影响，发现只有永久性变化才有显著效果，且不沟通目标变化的额外收益很小。
What are the effects of a higher central bank inflation target on the burden of real public debt? Several recent proposals have suggested that even a moderate increase in the inflation target can have a pronounced effect on real public debt. We consider this question in a New Keynesian model with a maturity structure of public debt and an imperfectly observed inflation target. We find that moderate changes in the inflation target only have significant effects on real public debt if they are essentially permanent. Moreover, the additional benefits of not communicating a change in the inflation target are minor.