A Theory of Dynamic Inflation Targets
研究中央银行是否应调整通胀目标，通过动态机制设计模型发现，最优目标调整取决于自然利率下降和菲利普斯曲线平坦化的相反影响。
Should central banks’ inflation targets remain set in stone? We study a dynamic mechanism design problem between a government and a central bank. The central bank has persistent private information about structural shocks. Firms learn the state from the central bank’s reports and form inflation expectations. A dynamic inflation target implements the full-information commitment allocation. The central bank is delegated the authority to adjust the target’s level and flexibility one period in advance. A declining natural interest rate and a flattening Phillips curve imply opposite optimal target adjustments. Our results speak to practical policy questions of inflation target design.