时间：2023年10月19日  10:00-11:30

线下地点：北师大珠海校区励教楼E106会议室

线上腾讯会议ID：691480617

主题：Does an inflation target zone help or hinder price stability？

作者:  Pompeo Della Posta and Roberto Tamborini

主讲人：Prof. Roberto Tamborini

主办单位：北京师范大学一带一路学院

会议语言：英语

主讲人简介：

Roberto Tamborini is Full Professor of Economics in the Department of Economics and Management of the University of Trento. He is also member of the Board of Experts for the "Monetary Dialogues" of the Committee for Economic and Monetary Affairs of the European Parliament, Fellow of the Institute for European Analysis and Policy of the LUISS University in Rome, and member of ECONPOL The European Network for Economic and Fiscal Policy Research affiliated to the CESIfo Institute of Munich. Main research and teaching fields are macroeconomic theories and policies, monetary and financial economics, the European Economic and Monetary Union. Scientific activity has produced about hundred national and international publications of monographs, contributions to collective books, articles in refereed journals.

内容简介：

A significant number of central banks pursuing price stability operate an inflation target zone (ITZ) by letting inflation float within a band. The available literature is not conclusive on whether ITZs contribute to price stability. We elaborate and simulate a novel symmetric stochastic ITZ model inspired by the literature on exchange-rate agreements. Our new finding is that the performance of ITZs depends on whether the central bank sets the boundaries with certainty. In this case, it can accommodate larger shocks and set a lower interest rate at the point of intervention, with inflation remaining within the band and close on average to the central target. However, these benefits are reversed if the band width is uncertain. Our simulations also show that a wider band leads to higher mean and variance of inflation, but it is still to be preferred to a narrow one if it is recognized as better defensible.