Bouchaud, Jean-Philippe; Gualdi, Stanislao; Tarzia, Marco; … - 2017
Which level of inflation should Central Banks be targeting? The authors investigate this issue in the context of a … (in particular inflation anticipations), they find a surprisingly rich variety of behaviour at the macro-level. Without … any monetary policy, our ABM economy can be in a high inflation/high output state, or in a low inflation/low output state …