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This paper analyzes average inflation targeting as a monetary policy strategy, demonstrating that it can improve the short-run trade-off for policymakers compared to traditional inflation targeting. The authors argue that average inflation targeting introduces history dependence, leading to more efficient outcomes under discretion, particularly in economies with both forward- and backward-looking components in the Phillips curve. The findings suggest that, under certain conditions, average inflation targeti

Author

houshangdi

Language

EN