Bouchaud, Jean-Philippe; Gualdi, Stanislao; Tarzia, Marco; … - In: Economics: The Open-Access, Open-Assessment E-Journal 12 (2018) 2018-15, pp. 1-27
Which level of inflation should Central Banks be targeting? The authors investigate this issue in the context of a … particular inflation anticipations), they find a rich variety of behaviour at the macro-level. Without any active monetary policy …, our ABM economy can be in a high inflation/high output state, or in a low inflation/low output state. Hyper-inflation …