NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Hitting the Elusive Inflation Target

Francesco Bianchi, Leonardo Melosi, Matthias Rottner

NBER Working Paper No. 26279
Issued in September 2019, Revised in January 2020

---- Acknowledgments ----

We thank Marco Bassetto, Gadi Barlevy, Richard Clarida, Charlie Evans, Jonas Fisher, and Spencer Krane for their very helpful suggestions. We thank the seminar participants at various institutions and conferences for useful comments. The views in this paper are solely those of the authors and should not be interpreted as reflecting the views of the Federal Reserve Bank of Chicago, any other person associated with the Federal Reserve System, or the National Bureau of Economic Research.

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