00000nam 2200000zi 4500 9.889531 CaOODSP 20221107172320 m o d f cr |n||||||||| 200720t20202020oncd ob f000 0 eng d CaOODSP eng rda CaOODSP n-cn--- FB3-5/2020-31E-PDF Amano, Robert A., author. Average is good enough : average-inflation targeting and the ELB / by Robert Amano, Stefano Gnocchi, Sylvain Leduc and Joel Wagner. Ottawa, Ontario, Canada : Bank of Canada = Banque du Canada, 2020. ©2020 1 online resource (ii, 29 pages) : graphs. text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff working paper = Document de travail du personnel, 1701-9397 ; 2020-31 Cover title. "Last updated: July 16, 2020." Includes bibliographical references (pages 19-20). "The Great Recession and current pandemic have focused attention on the constraint on nominal interest rates from the effective lower bound. This has renewed interest in monetary policies that embed makeup strategies, such as price-level or average-inflation targeting. This paper examines the properties of average-inflation targeting in a two-agent New Keynesian (TANK) model in which a fraction of firms have adaptive expectations. We examine the optimal degree of history dependence under average-inflation targeting and find it to be relatively short for business cycle shocks of standard magnitude and duration. In this case, we show that the properties of the economy are quantitatively similar to those under a price level target"--Abstract, page ii. Inflation (Finance) Econometric models. Inflation Modèles économétriques. Bank of Canada, issuing body. Staff working paper (Bank of Canada) 2020-31. (CaOODSP)9.806221 PDF 573 KB https://publications.gc.ca/collections/collection_2020/banque-bank-canada/FB3-5-2020-31-eng.pdf