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Implementing Optimal Policy through Inflation-Forecast Targeting / Lars E. O. Svensson, Michael Woodford.
- Format:
- Book
- Author/Creator:
- Svensson, Lars E. O.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w9747.
- NBER working paper series no. w9747
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2003.
- Summary:
- We examine to what extent variants of inflation-forecast targeting can avoid stabilization bias, incorporate history-dependence, and achieve determinancy of equilibrium, so as to reproduce a socially optimal equilibrium. We also evaluate these variants in terms of the transparency of the connection with the ultimate policy goals and the robustness to model perturbations. A suitably designed inflation-forecast targeting rule can achieve the social optimum and at the same time have a more transparent connection to policy goals and be more robust than competing instrument rules.
- Notes:
- Print version record
- June 2003.
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