Wang, Yu-Lin; Lee, Hsiu-Yun - In: Journal of Economic Policy Reform 12 (2009) 1, pp. 43-55
This paper compares the performance of inflation and welfare loss between exchange-rate-targeting and monetary-aggregate-targeting … exchange-rate-targeting policy is always superior to a monetary-aggregate-targeting one. Third, for a simple fixed rule …, Friedman-type's monetary-aggregate-targeting policy works better than exchange-rate-targeting only under specific circumstances. …