On Targeting Frameworks And Optimal Monetary Policy
研究显示，在经验性中等规模DSGE模型中，关注通胀和产出缺口变化的“速度限制政策”在相机抉择下始终优于弹性通胀目标制和弹性价格水平目标制，且对参数设定不敏感。
Abstract We show that speed limit policy, a monetary policy strategy that focuses on stabilizing inflation and the change in the output gap, consistently outperforms flexible inflation targeting and flexible price level targeting in empirical medium‐scale DSGE models under discretionary policymaking. In contrast to small‐scale New Keynesian models, this welfare ranking of the targeting frameworks is not overturned when inflation dynamics are mostly backward‐looking. Importantly, the performance of the speed limit policy shows less sensitivity to its parameterization than other frameworks that target the inflation rate or the price level.