Gavin, William T.; Keen, Benjamin D.; Pakko, Michael Robert - 2009
Stability, Inflation Targets, and Monetary Policy, Proceedings of a Conference held by
the Bank of Canada, May 1997, pp. 411 …
when monetary policy targets the output growth rate (not the output gap) or the price-level path
(not the inflation rate … monetary policy
rule, if it were implementable, prevents the inflation rate from deviating from its target by setting
θ
π …