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The role of the "Maximizing Output Growth Inflation Rate" in monetary policy

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  • Dominique Pepin

    (CRIEF)

Abstract

The paper discusses the role of monetary policy when potential output depends on the inflation rate. If the intention of the central bank is to maximize actual output growth, then it has to be credibly committed to a strict inflation targeting rule, and to take the MOGIR (the Maximizing Output Growth Inflation Rate) as the target.

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File URL: http://arxiv.org/pdf/1403.6112
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Paper provided by arXiv.org in its series Papers with number 1403.6112.

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Date of creation: Mar 2014
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Handle: RePEc:arx:papers:1403.6112

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  7. Svensson, Lars E.O., 1997. "Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets," Seminar Papers, Stockholm University, Institute for International Economic Studies 615, Stockholm University, Institute for International Economic Studies.
  8. Svensson, Lars E. O., 2002. "Inflation targeting: Should it be modeled as an instrument rule or a targeting rule?," European Economic Review, Elsevier, Elsevier, vol. 46(4-5), pages 771-780, May.
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