Determinacy and E‐Stability with Interest Rate Rules at the Zero Lower Bound
在包含零利率下限的新凯恩斯模型中，比较平均通胀目标、价格水平目标和传统通胀目标规则，发现价格水平目标（含名义GDP目标）最有效促进均衡的决定性和预期稳定性，而平均通胀目标需足够长的平均窗口才有效。
Abstract We evaluate and compare alternative interest rate rules, namely, average inflation targeting (AIT), price‐level targeting (PLT), and traditional inflation targeting rules, in a standard New Keynesian model that features recurring, transient zero lower bound regimes. We use determinacy and expectational stability (E‐stability) of equilibrium as the criteria for stabilization policy. We find that PLT policy, including nominal GDP targeting as a special case, most effectively promotes determinacy and E‐stability among the policy frameworks, whereas standard inflation targeting rules are prone to indeterminacy. AIT can induce determinacy and E‐stability effectively, provided the averaging window is sufficiently long.