Research by Lars Svensson of Princeton University

RESEARCH - Inflation Targeting: Should It Be Modelled as an Instrument Rule or a Targeting Rule?

Abstract

The paper discusses how current inflation targeting should be modelled, and argues that it is better represented as a commitment to a targeting rule (a rule specifying operational objectives for monetary policy or a condition for the target variables), than as a commitment to a simple instrument rule (like a Taylor rule).

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