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Policy Rules for Inflation Targeting
Federal Reserve Bank of San Fransisco.
Stockholm University, Faculty of Social Sciences, Institute for International Economic Studies.
1998 (English)Report (Other academic)
Abstract [en]

Policy rules that are consistent with inflation targeting are examined in a small macroeconomic model of the US economy. We compare the properties and outcomes of explicit "instrument rules" as well as "targeting rules." The latter, which imply implicit instrument rules, may be closer to actual operating procedures of inflation-targeting central banks. We find that inflation forecasts are central for good policy rules under inflation targeting. Some simple instrument and target rules do remarkably well relative to the optimal rule; others, including some that are often used as representing inflation targeting, do less.

Place, publisher, year, edition, pages
Stockholm: IIES , 1998. , 51 p.
Seminar Paper / Institute for International Economic Studies, Stockholm University, ISSN 0347-8769 ; 637
National Category
URN: urn:nbn:se:su:diva-41004OAI: diva2:327707
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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