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ECB research paper points to communication difficulties for central banks using non-standard inflation targets.
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Make-up strategies such as price-level- and average inflation-targeting (AIT) can be highly effective at undoing the same negative effects of interest rates close to or below the effective lower bound, a working paper published by the European Central Bank concludes.
However, they pose particular communication challenges for central banks compared with standard inflation targeting. The ECB adopted a symmetric 2% inflation target earlier this month, while the Fed shifted to AIT last September.