000	02178cam  2200349zi 4500
001	9.889531
003	CaOODSP
005	20221107172320
006	m     o  d f
007	cr |n|||||||||
008	200720t20202020oncd    ob   f000 0 eng d
040	|aCaOODSP|beng|erda|cCaOODSP
043	|an-cn---
086	1 |aFB3-5/2020-31E-PDF
100	1 |aAmano, Robert A., |eauthor.
245	10|aAverage is good enough : |baverage-inflation targeting and the ELB / |cby Robert Amano, Stefano Gnocchi, Sylvain Leduc and Joel Wagner.
264	1|aOttawa, Ontario, Canada : |bBank of Canada = Banque du Canada, |c2020.
264	4|c©2020
300	|a1 online resource (ii, 29 pages) : |bgraphs.
336	|atext|btxt|2rdacontent
337	|acomputer|bc|2rdamedia
338	|aonline resource|bcr|2rdacarrier
490	1 |aStaff working paper = Document de travail du personnel, |x1701-9397 ; |v2020-31
500	|aCover title.
500	|a"Last updated: July 16, 2020."
504	|aIncludes bibliographical references (pages 19-20).
520	0 |a"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.
650	0|aInflation (Finance)|xEconometric models.
650	6|aInflation|xModèles économétriques.
710	2 |aBank of Canada, |eissuing body.
830	#0|aStaff working paper (Bank of Canada)|v2020-31.|w(CaOODSP)9.806221
856	40|qPDF|s573 KB|uhttps://publications.gc.ca/collections/collection_2020/banque-bank-canada/FB3-5-2020-31-eng.pdf