Experimental Economics· 2026Q1
History-dependent monetary policy: a lab experiment and a HENK model
- 0citations
- Q1SCImago
- 2026year
Short summary
Price-level targeting (PLT) is theoretically optimal but not implemented; this study shows it fails to reduce volatility vs. inflation targeting (IT) without explicit inflation guidance, even in a sophisticated model, because agents cannot learn the history-dependent path.
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General Economics, Econometrics and FinanceEconomics, Econometrics and Finance