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13. March 2025, 10:17 until 17:30

Economic Theory & Policy Seminar / Marco Airaudo (Drexel Univ.) / Overcoming Trend Inflation: The Power of Average Inflation Targeting

Seminar

Marco Airaudo will give a talk at our Economic Theory and Policy Seminar.

Marco Airaudo, opens an external URL in a new window (LeBow College of Business, Drexel University)
(joint with Fangqian Wu)

"Overcoming Trend Inflation: The Power of Average Inflation Targeting"

We assess the performance of Average Inflation Targeting (AIT) in a New Keynesian model with trend inflation. Our findings show that AIT significantly outperforms traditional Inflation Targeting (IT) across several dimensions: (1) it expands the equilibrium determinacy region;
(2) it dampens economic responses to shocks as trend inflation rises; and (3) under optimal monetary policy, the optimal AIT delegation closely approximates welfare under commitment and increasingly outperforms IT under discretion at higher trend inflation levels. These results establish AIT as a powerful monetary policy framework for environments with moderate positive trend inflation.

Calendar entry

Event location

TU Wien
1040 Vienna
Wiedner Hauptstr. 8-10, Seminarroom: (Freihaus buidling, yellow area, 3rd floor)

Organiser

ECON
Julia Hutter
julia.hutter@tuwien.ac.at

Public

Yes

Entrance fee

Registration required

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