| 1. |
- Rudebusch, Glenn D., et al.
(författare)
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Eurosystem Monetary Targeting : Lessons from U.S. Data
- 1999
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- Using small empirical model of inflation, output, and money estimated on U.S. data, we compare the relative performance of monetary targeting and inflation targeting. The results show that monetary targeting would be quite inefficient, with both higher inflatoin and output variability. This is true even with a deterministic money demand formulation. in this framework, there is thus no support for the prominent role given to money growth in the Eurosystem's monetary policy strategy.
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| 2. |
- Rudebusch, Glenn D., et al.
(författare)
-
Policy Rules for Inflation Targeting
- 1998
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- 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 target rules do remarkably well relative to the optimal rule; others, including some that are often used as representing inflation targeting, do less.
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