References contributed by pco326-3191206
Adam, K., Billi, R.M., 2006. Optimal Monetary Policy under Commitment with a Zero Bound on Nominal Interest Rates. Journal of Money, Credit and Banking 38 (7), 1877–1905. Adam, K., Pfaeuti, O., Reinelt, T., 2020. Falling Natural Rates, Rising Housing Price Volatility and the Optimal Inflation Target. manuscript. University of Mannheim.
Adam, K., Weber, H., 2019. Optimal Trend Inflation. American Economic Review 109 (2), 702–737.
Alvarez, F., Beraja, M., Gonzalez-Rozada, M., Neumeyer, P.A., 2019. From Hyperinflation to Stable Prices: Argentina’s Evidence on Menu Cost Models. The Quarterly Journal of Economics 134 (1), 451–505.
Amano, R., Moran, K., Murchison, S., Rennison, A., 2009. Trend Inflation, Wage and Price Rigidities, and Productivity Growth. Journal of Monetary Economics 56 (3), 353–364.
Andrade, P., Gaballo, G., Mengus, E., Mojon, B., 2019. Forward Guidance and Heterogeneous Beliefs. American Economic Journal: Macroeconomics 11 (3), 1–29.
Andrade, P., Galí, J., Le Bihan, H., Matheron, J., 2019. The Optimal Inflation Target and the Natural Rate of Interest. Brookings Papers on Economic Activity 52 (Fall) (2).
Andrade, P., Gautier, E., Mengus, E., 2020. What Matters in Households’ Inflation Expectations? CEPR Discussion Papers 14905. C.E.P.R. Discussion Papers.
- Arias, J., Bodenstein, M., Chung, H., Drautzburg, T., Raffo, A., 2020. Alternative Strategies: How Do They Work? How Might They Help? Finance and Eco- nomics Discussion Series 2020-068. Board of Governors of the Federal Reserve System (US).
Paper not yet in RePEc: Add citation now
Ascari, G., 2004. Staggered Prices and Trend Inflation: Some Nuisances. Review of Economic Dynamics 7 (3), 642–667.
Ascari, G., Sbordone, A.M., 2014. The Macroeconomics of Trend Inflation. Journal of Economic Literature 52 (3), 679–739.
Ball, L.M., 2014. The Case for a Long-Run Inflation Target of Four Percent. Working Papers 14/92. International Monetary Fund.
- Bernanke, B., 2016. Modifying the fed’s policy framework: Does a higher inflation target beat negative interest rates? Blog post, September 13.
Paper not yet in RePEc: Add citation now
- Bernanke, B.S., 2017. Monetary Policy in a New Era. mimeo. Peterson Institute for International Economics.
Paper not yet in RePEc: Add citation now
Bernanke, B.S., 2020. The New Tools of Monetary Policy. Presidential Address. American Economic Association.
Bernanke, B.S., Kiley, M.T., Roberts, J.M., 2019. Monetary Policy Strategies for a Low-Rate Environment. AEA Papers and Proceedings 109, 421–426.
Billi, R.M., 2011. Optimal Inflation for the US Economy. American Economic Journal: Macroeconomics 3 (3), 29–52.
Blanchard, O., Dell’Ariccia, G., Mauro, P., 2010. Rethinking Macroeconomic Policy. Journal of Money, Credit and Banking 42 (s1), 199–215.
- Blanco, A., 2016. Optimal Inflation Target in an Economy with Menu Costs and Zero Lower Bound. mimeo. University of Michigan.
Paper not yet in RePEc: Add citation now
- Bodenstein, M., Erceg, C.J., Guerrieri, L., 2009. The Effects of Foreign Shocks when Interest Rates are at Zero. International Finance Discussion Papers 983. Board of Governors of the Federal Reserve System.
Paper not yet in RePEc: Add citation now
Brand, C., Mazelis, F., 2019. Taylor-rule consistent estimates of the natural rate of interest. Working Paper Series 2257. European Central Bank.
- Budianto, F., 2021. Inflation Targets and the Zero Lower Bound. manuscript. BIS.
Paper not yet in RePEc: Add citation now
Budianto, F., Nakata, T., Schmidt, S., 2020. Average inflation targeting and the interest rate lower bound. Working Paper Series 2394. European Central Bank.
Christiano, L., Eichenbaum, M., Rebelo, S., 2011. When Is the Government Spending Multiplier Large? Journal of Political Economy 119 (1), 78–121.
Christoffel, K., Coenen, G., Warne, A., 2008. The New Area-Wide Model of the Euro Area: A Micro-Founded Open-Economy Model for Forecasting and Policy Analysis. Working Paper Series 944. European Central Bank.
Chung, H., Gagnon, E., Nakata, T., Paustian, M., Schlusche, B., Trevino, J., Vilan, D., Zheng, W., 2019. Monetary Policy Options at the Effective Lower Bound : Assessing the Federal Reserve’s Current Policy Toolkit. Finance and Economics Discussion Series 2019-003. Board of Governors of the Federal Reserve System.
Coenen, G., 2003. Zero Lower Bound: Is it a Problem in the Euro Area? Working Paper Series 269. European Central Bank.
Coenen, G., Montes-Galdón, C., Smets, F., 2020. Effects of state-dependent forward guidance, large-scale asset purchases and fiscal stimulus in a low-interest-rate environment. Working Paper Series 2352. European Central Bank.
Coibion, O., Gorodnichenko, Y., Edward S. Knotek, I.I., Schoenle, R., 2020. Average Inflation Targeting and Household Expectations. NBER Working Papers 27836. National Bureau of Economic Research, Inc.
Coibion, O., Gorodnichenko, Y., Wieland, J.,2012. The Optimal Inflation Rate in New Keynesian Models: Should Central Banks Raise Their Inflation Targets in Light of the Zero Lower Bound? Review of Economic Studies 79 (4), 1371–1406.
- Constâncio, V., 2016. The Challenge of Low Real Interest Rates for Monetary Policy. Lecture, Macroeconomics Symposium at Utrecht School of Economics, 15 June 2016.
Paper not yet in RePEc: Add citation now
Cotton, C.D., 2020. The Inflation Target and the Equilibrium Real Rate. Working Papers 20-2. Federal Reserve Bank of Boston.
Del Negro, M., Giannone, D., Giannoni, M.P., Tambalotti, A., 2018. Global Trends in Interest Rates. Working Papers 25039. NBER.
- ECB, 2020. Ecb launches review of its monetary policy strategy. Press Release, 23 January 2020.
Paper not yet in RePEc: Add citation now
Eggertsson, G.B., Woodford, M., 2003. The Zero Bound on Interest Rates and Optimal Monetary Policy. Brookings Papers on Economic Activity 34 (1), 139–235. Erceg, C.J., Henderson, D.W., Levin, A.T.,20 0 0. Optimal Monetary Policy with Staggered Wage and Price Contracts. Journal of Monetary Economics 46 (2), 281–313.
Fagan, G., Henry, J., Mestre, R., 2001. An Area-Wide Model (AWM) for the Euro Area. Working Paper Series 0042. European Central Bank.
Fève, P., Matheron, J., Sahuc, J.-G., 2010. Disinflation Shocks in the Eurozone: A DSGE Perspective. Journal of Money, Credit and Banking 42 (2-3), 289–323.
Gabaix, X., 2020. A Behavioral New Keynesian Model. American Economic Review 110 (8), 2271–2327.
Guerrieri, L., Iacoviello, M., 2015. OccBin: A Toolkit for Solving Dynamic Models with Occasionally Binding Constraints Easily. Journal of Monetary Economics 70 (C), 22–38.
Gust, C., Herbst, E., López-Salido, D., Smith, M.E.,2017. The Empirical Implications of the Interest-Rate Lower Bound. American Economic Review 107 (7), 1971–2006.
Hebden, J., Herbst, E., Tang, J., Topa, G., Winkler, F., 2020. How Robust Are Makeup Strategies to Key Alternative Assumptions? Finance and Economics Discussion Series 2020-069. Board of Governors of the Federal Reserve System (US).
Holston, K., Laubach, T., Williams, J.C., 2017. Measuring the Natural Rate of Interest: International Trends and Determinants. Journal of International Eco- nomics 108 (S1), 59–75.
Iovino, L., Sergeyev, D., 2018. Central Bank Balance Sheet Policies Without Rational Expectations. CEPR Discussion Papers 13100. C.E.P.R. Discussion Papers.
Khan, A., King, R.G., Wolman, A.L., 2003. Optimal Monetary Policy. Review of Economic Studies 70 (4), 825–860.
Kiley, M., 2019. Comment. Brookings Papers on Economic Activity 53 (Fall) (2). Kiley, M.T., Roberts, J.M., 2017. Monetary Policy in a Low Interest Rate World. Brookings Papers on Economic Activity 48 (Spring) (1), 317–396.
Kozlowski, J., Veldkamp, L., Venkateswaran, V., 2020. Scarring Body and Mind: The Long-Term Belief-Scarring Effects of COVID-19. NBER Working Papers 27439. National Bureau of Economic Research, Inc.
L’Huillier, J.-P., Schoenle, R., 2020. Raising the Inflation Target: How Much Extra Room Does It Really Give? Discussion Papers DP14142. CEPR.
Mertens, T.M., Williams, J.C., 2019. Tying down the anchor: monetary policy rules and the lower bound on interest rates. Staff Reports 887. Federal Reserve Bank of New York.
Mertens, T.M., Williams, J.C.,2019. Monetary Policy Frameworks and the Effective Lower Bound on Interest Rates. AEA Papers and Proceedings 109, 427–432.
Nakamura, E., Steinsson, J., Sun, P., Villar, D., 2018. The Elusive Costs of Inflation: Price Dispersion during the US Great Inflation. The Quarterly Journal of Economics 133 (4), 1933–1980.
- Pfajfar, D., Roberts, J.M., 2018. The Role of Expectations in Changed Inflation Dynamics. Finance and Economics Discussion Series 2018-062. Board of Governors of the Federal Reserve System. Reifschneider, D., Williams, J.C., 20 0 0. Three lessons for monetary policy in a low-inflation era. Journal of Money, Credit and Banking 32 (4), 936–966.
Paper not yet in RePEc: Add citation now
- Reifschneider, D.L., 2016. Gauging the Ability of the FOMC to Respond to Future Recessions. Finance and Economics Discussion Series 2016-068. Board of Governors of the Federal Reserve System.
Paper not yet in RePEc: Add citation now
Rogoff, K., 2017. Dealing with Monetary Paralysis at the Zero Bound. Journal of Economic Perspectives 31 (3), 47–66.
Schmitt-Grohé, S., Uribe, M., 2010. The Optimal Rate of Inflation. In: Friedman, B.M., Woodford, M. (Eds.), Handbook of Monetary Economics. In: Handbook of Monetary Economics, Vol. 3. Elsevier, pp. 653–722.
Williams, J.C., 2009. Heeding Daedalus: Optimal Inflation and the Zero Lower Bound. Brookings Papers on Economic Activity 40 (Fall) (2), 1–49.
- Woodford, M., 2003. Interest and Prices. Princeton University Press, Princeton, NJ.
Paper not yet in RePEc: Add citation now
Woodford, M., Xie, Y., 2020. Fiscal and Monetary Stabilization Policy at the Zero Lower Bound: Consequences of Limited Foresight. NBER Working Papers 27521. National Bureau of Economic Research, Inc.