TY  - BOOK
AU  - Rudebusch,Glenn D.
AU  - Svensson,Lars E.O.
ED  - National Bureau of Economic Research.
TI  - Policy Rules for Inflation Targeting
T2  - NBER working paper series
PY  - 1998///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - April 1998; Hardcopy version available to institutional subscribers
N2  - 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
UR  - https://www.nber.org/papers/w6512
UR  - http://dx.doi.org/10.3386/w6512
ER  -