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22대 대한민국 국회 국회정보길라잡이 국회의원검색
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정보검색

소장정보 검색

국회도서관 홈으로 정보검색 소장정보 검색
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Title page 1

Contents 1

Abstract 2

1. Introduction and overview 3

2. Evaluating inflation targeting strategies 6

2.1. FIT versus FAIT: A quantitative evaluation 6

2.2. FIT versus FAIT: Robustness 11

3. Some principles of optimal monetary policy in response to inflationary shocks 14

3.1. Aggregate supply shocks 15

3.2. Sectoral dynamics 16

3.3. Nonlinearities 18

3.4. Implications for FIT versus FAIT 19

4. Conclusion: Effective monetary policy in the post-pandemic world 19

References 21

Appendixes 27

Figures 9

Figure 1. Median outcomes at the ELB in a recession, alternative policy rules 9

Figure 2. Median outcomes at the ELB in a recession, alternative shortfall rules 13

Appendix Tables 29

Table A.1.3.1. Distributions of outcomes under alternative assumptions about expectations formation and fiscal support 29

Table A.1.3.2. Distribution of inflation (π) under FIT and FAIT 29

Table A.1.3.3. Distribution of outcomes under alternative shortfall policy rules 30

Appendix Figures 32

Figure A.1.4.1. Median outcomes under alternative threshold policy rules at the ELB in a recession 32

Figure A.1.5.1. Median outcomes under alternative policy rules at the ELB in a recession (MCAP expectations) 34

Figure A.2.2.1. Impulse responses: Productivity shock under optimal policy 36

Figure A.2.3.1. Impulse response: Aggregate productivity shock under optimal policy with and without sectoral constraints 37

Figure A.2.4.1. Impulse response: Sectoral production shock under optimal and inflation stabilization policies 39

Figure A.3.2.1. Impulse responses in the Three-Equation New Keynesian Model with nonlinearities 41

Figure A.3.3.1. Impulse responses to a supply shock in the FRB/US model 43

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