Redistributive effects of a change in the inflation target / Robert Amano, Thomas Carter and Yaz Terajima. : FB3-7/2017-13E-PDF

"In light of the financial crisis and its aftermath, several economists have argued that inflation targeting central banks should reconsider the level of their inflation targets. While the appropriate level for the inflation target remains an open question, it’s important to note that any transition to a new target would entail certain costs. In this note, we consider one dimension of these costs, namely, the redistributive effects stemming from the fact that financial contracts are often written in nominal terms and would thus experience changes in real value following the announcement of a new target"--Abstract, p. ii.

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