Ination Targeting as a Monetary Policy Rule
نویسنده
چکیده
The purpose of the paper is to survey and discuss ination targeting in the context of monetary policy rules. The paper provides a general conceptual discussion of monetary policy rules, attempts to clarify the essential characteristics of ination targeting, compares ination targeting to other monetary policy rules, and draws some conclusions for the monetary policy of the European System of Central Banks. JEL Classi cation: E42, E52 ¤This paper was prepared for the Sveriges Riksbank-IIES Conference on Monetary Policy Rules, held in Stockholm, June 1213, 1998. I thank the conference participants and especially Alan Blinder, Jon Faust, Dale Henderson, Torsten Persson, Anders Vredin and Volker Wieland for comments, and Christina Lönnblad for secretarial and editorial assistance. Interpretations and any errors are my own responsibility. Email: [email protected]. Homepage: http://www.iies.su.se/leosven/.
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