National Bank of Hungary tests hybrid inflation targeting rule
A National Bank of Hungary paper published in September models a hybrid of the price-level targeting and inflation targeting rule for monetary policy, and finds that the new target allows for greater discretion but also successfully anchors inflation expectations.
László Bokor, the author, uses a three-period steady state model with forward- and backward-looking expectations on inflation to examine the relationship between policy parameters under a inflation target, price-level target and hybrid
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