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 …

to achieve macroeconomic goals for the economyfs inflation rate and output gap. Estimates of a policy rule of the Taylor …. 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 a …

— with the most prominent contenders including price level, nominal income, and hybrid (inflation plus output gap) variables … — together with the issue of growth-rate vs. growing-level target path specifications. One conclusion is that inflation and …