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Average inflation targeting and interest-rate smoothing

机译：平均通胀目标和利率平滑

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We study the welfare implication of average inflation targeting as a simple interest-rate rule, in which the monetary authority adjusts its short-term policy rate in response to the output gap as well as average inflation deviation from its target instead of reacting to the contemporaneous inflation rate as in a Taylor-type rule. We find that the welfare improvement achieved by switching to average inflation targeting from a standard Taylor rule is modest with a high degree of interest-rate smoothing, whereas it is significant without interest-rate smoothing. We show that average inflation targeting is welfare-improving in the same way as interest-rate smoothing by making the conduct of monetary policy history-dependent. Thus, the high degree of monetary policy inertia in the estimated interest-rate rules in many advanced economies implies that the welfare gain from adopting the average inflation targeting rule would be minimal. (c) 2020 Elsevier B.V. All rights reserved.
机译：我们研究了平均通胀目标的福利暗示作为一个简单的利率规则，其中货币管理局根据其目标的平均通胀偏离，而不是对当代反应来调整其短期政策率。泰勒型规则中的通货膨胀率。我们发现通过从标准泰勒规则转换为平均通胀来实现的福利改善是具有高度兴趣平滑程度的适度，而没有利率平滑是显着的。我们表明，通过使货币政策历史依赖的行为，平均通胀目标是与利率平滑相同的方式。因此，许多发达经济体中估计的利率规则中的高度货币政策惯性意味着采用平均通胀统治规则的福利增益将是最小的。 （c）2020 Elsevier B.v.保留所有权利。

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