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Policy rules for inflation targeting

Author: Glenn D Rudebusch; Lars E O Svensson; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, ©1998.
Series: Working paper series (National Bureau of Economic Research), working paper no. 6512.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: 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  Read more...
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Additional Physical Format: Print version:
Rudebusch, Glenn D., 1959-
Policy rules for inflation targeting.
Cambridge, MA : National Bureau of Economic Research, ©1998
(OCoLC)39242888
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Glenn D Rudebusch; Lars E O Svensson; National Bureau of Economic Research.
OCLC Number: 646994049
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (47, [4] pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 6512.
Responsibility: Glenn D. Rudebusch, Lars E.O. Svensson.

Abstract:

Abstract: 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 targeting rules do remarkably well relative to the optimal rule; others, including some that are often used as representing inflation targeting, do less well.

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