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Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets

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Author Info
Svensson, Lars E O

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Abstract

Inflation targeting is shown to imply inflation forecast targeting; the central bank’s inflation forecast becomes an explicit intermediate target. Inflation forecast targeting simplifies both implementation and monitoring of monetary policy. The weight on output stabilization determines how quickly the inflation forecast is adjusted towards the inflation target. Money growth or exchange rate targeting is generally inferior than inflation targeting and leads to higher inflation variability. Commitment to ‘target rules’ may be better than commitment to ‘instrument rules’.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1511.

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Date of creation: Nov 1996
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Handle: RePEc:cpr:ceprdp:1511

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Related research
Keywords: Monetary Policy Regimes;

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Find related papers by JEL classification:
E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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  1. Barro, Robert J & Gordon, David B, 1983. "A Positive Theory of Monetary Policy in a Natural Rate Model," Journal of Political Economy, University of Chicago Press, vol. 91(4), pages 589-610, August. [Downloadable!] (restricted)
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This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page.
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