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Inflation Targeting: Some Extensions
Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
1997 (English)Report (Other academic)
Abstract [en]

Previous analysis of the implementation of inflation targeting is extended to monetary policy responses to different shocks, consequences of model uncertainty, effects of interest rate smoothing and stabilization, a comparison with nominal GDP targeting, and implications of forward-looking behavior. Model uncertainty, output stabilization, and interest rate stabilization or smoothing all call for a more gradual adjustment of the conditional inflation forecast toward the inflation target. The conditional inflation forecast is the natural intermediate target during inflation targeting.

Place, publisher, year, edition, pages
Stockholm: IIES , 1997. , 44 p.
Seminar Paper / Institute for International Economic Studies, Stockholm University, ISSN 0347-8769 ; 625
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URN: urn:nbn:se:su:diva-40988OAI: diva2:327673
Available from: 2010-06-30 Created: 2010-06-30 Last updated: 2010-07-02Bibliographically approved

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Svensson, Lars E.O.
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