We consider the properties of two monetary policy rules ("strict inflation targeting", "constant money growth rule") in … nominal terms. Under a constant money growth rule which allows for temporary deviations of inflation from target in response … contrast, a policy of strict inflation targeting implements the target inflation rate also outside the steady state and …

-state real interest rate is independent of inflation. If this is the case, there exists in our model a unique steady state with … terms of the 'activeness' of the interest rate feedback on inflation. This is ruled out under monetary targeting. …-Effektes bezüglich der Inflation in der Zinsregel unterscheiden. Eine derartige Konstellation globaler Indeterminiertheit tritt bei der …