McCallum, Bennett T. - Institute for Monetary and Economic Studies, Bank of Japan - 2007
so as to achieve macroeconomic goals for the economyfs inflation rate and output gap. Estimates of a policy rule of the … interpretation. That this rule reflects policy that is much like inflation targeting is evidenced by the absence of any significant … role for the real exchange rate as a distinct target variable in addition to inflation and the output gap. Simulations with …