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| Author: | Svensson, L. E. |
| Title: | Inflation targeting: Some extensions |
| Journal: | Scandinavian Journal of Economics
1999 : VOL. 101:3, p. 337-361 |
| Index terms: | UNCERTAINTY INFLATION ECONOMIC FORECASTING INTEREST RATES |
| Language: | eng |
| Abstract: | Former analyses of the implementation of inflation targeting are extended to monetary policy responses to different shocks, consequences of model uncertainty, and effects of interest rate smoothing and stabilization. Model uncertainty, output stabilization, and interest rate stabilization or smoothing all call for a more gradual adjustment of the conditional inflation forecast toward the inflation target. The conditional inflation forecast is the natural intermediate target during inflation targeting. |
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