What should the inflation target be? Views from 600 economists

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dc.contributor Bank of Finland
dc.contributor.author Ambrocio, Gene
dc.contributor.author Ferrero, Andrea
dc.contributor.author Jokivuolle, Esa
dc.contributor.author Ristolainen, Kim
dc.date.accessioned 2022-05-09T08:35:39Z
dc.date.available 2022-05-09T08:35:39Z
dc.date.issued 2022
dc.identifier.isbn 978-952-323-409-3
dc.identifier.issn 1456-6184
dc.identifier.uri https://helda.helsinki.fi/bof/handle/123456789/18405
dc.description.tableofcontents In a survey of more than 600 economists, most respondents prefer their central bank to have an explicit inflation target. Roughly half want the central bank to keep its current target. Two thirds of the rest want to raise the target, with a median preferred change of one percentage point. In a hypothetical scenario in which the central bank has no prior history of inflation targeting, an additional 12% of the respondents would prefer a different (typically higher) target than the current one. This result suggests that the costs of changing the current target hold some respondents back from wanting an actual target change. Respondents who are worried about the central bank credibility are less likely to support a target raise. Conversely, preference for a target raise is more likely to come from those who are concerned about the zero lower bound on the nominal interest rate. The average estimate of the equilibrium real interest rate in the sample is 0.6%. However, personal views about the equilibrium real interest rate do not predict a preference for a target raise.
dc.format.extent 50
dc.language.iso ENG
dc.relation.ispartofseries Bank of Finland Research Discussion Papers
dc.rights https://helda.helsinki.fi/bof/copyright
dc.subject inflaatiotavoitteet
dc.subject.other expert survey
dc.subject.other inflation target
dc.subject.other monetary policy
dc.title What should the inflation target be? Views from 600 economists
dc.type Paper
dc.identifier.urn URN:NBN:fi:bof-202205091186
dc.subject.jel C38
dc.subject.jel E31
dc.subject.jel E52
dc.subject.jel E58
dc.series.name Bank of Finland Research Discussion Papers
dc.series.year 2022
dc.series.number 7/2022
dc.series.sortingnumber 0007
dc.date.publication 9.5.2022
dc.subject.yso inflaatio
dc.subject.yso rahapolitiikka
dc.subject.yso keskuspankit
dc.subject.yso tavoitteet
dc.subject.yso korko
dc.subject.yso survey-tutkimus
dc.subject.yso taloustieteilijät
bof-internal.includedInCRIS 1
dc.type.okm D4

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