Determinacy and E-Stability with Interest Rate Rules at the Zero Lower Bound

We evaluate and compare alternative monetary policy rules, namely average inflation targeting, price level traditional targeting in a standard New Keynesian model that features recurring, transient zero lower bound regimes. use determinacy expectational stability (E-stability) of equilibrium as the criteria for stabilization policy. find policy, including nominal income special case, most effectively promotes E-stability among frameworks, whereas rules are prone to indeterminacy. Average can induce effectively, provided averaging window is sufficiently long.