rule and employ a Bayesian estimation strategy using Chinese data. We find that the People's Bank of China conducts … monetary policy by adjusting the policy rate in response to inflation, output growth as well as real money growth. We also find …

and sometimes the unconditional means of the nominal rate, inflation and the output gap are strongly affected by …

implications for monetary policy as the central bank has to decide which inflation rate to target. Our results demonstrate that …

-flexibility equilibrium. Strict versions of inflation targeting, nominal-income-growth targeting, and other such simple rules are suboptimal …. Nominal-income-growth targeting dominates inflation targeting for plausible parameter values …

countries converging to a common currency system, in particular, to the euro. The analytical framework assumes inflation target … as the ultimate policy goal. The converging countries act as "takers" of inflation target, in this case, the eurozone …'s inflation forecast. The study advances a forward-looking money growth model that might be applied to aid monetary convergence to …

of monetary policy. A hallmark of this approach is that the central bank focuses on fighting inflation when inflation is … high but focuses on stabilizing output when inflation is low. The implied policy rule is nonlinear. This paper compares the … behavior of inflation and output under opportunistic and conventional linear policies. Using stochastic simulations of a small …