Inflation Targeting: Should It Be Modeled as an Instrument Rule or a Targeting Rule?

The paper discusses how current inflation targeting should be modeled, and argues that it is better represented as a commitment to a targeting rule (a rule specifying operational objectives for monetary policy or a condition for the target variables), than as a commitment to a simple instrument rule (like a Taylor rule).

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Year of publication:	2002-05
Authors:	Svensson, Lars E.O.
Institutions:	National Bureau of Economic Research (NBER)

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Extent:	application/pdf
Series:	NBER Working Papers.
Type of publication:	Book / Working Paper
Notes:	AP IFM ME published as Svensson, Lars E. O. "Inflation Targeting: Should It Be Modeled As An Instrument Rule Or A Targeting Rule?," European Economic Review, 2002, v46(4-5,May), 771-780. Number 8925
Classification:	E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System ; E52 - Monetary Policy (Targets, Instruments, and Effects)
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005714803