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 …

house price inflation, strong private debt growth and low credit risk spreads. The results suggest that (i) monetary policy …

rate response to deviations of the inflation rate from target, to the change in the output gap, to money demand shocks and …-term inflation expectations, monetary targeting introduces inertia and history-dependence into the monetary policy rule. This is …

output or inflation as in the empirical "two-pillar" Phillips curves estimated in some recent contributions, it would be …-checking does not require direct effects of money on output or inflation. …

deviations of inflation from target, but not to monetary growth. This result is at odds with the Bundesbank´s claim that it … Bundesbank took its monetary targets seriously, but also responded to deviations of expected inflation and output growth from …