The use of explicit inflation targets has meant that monetary policy has become more transparent and also easier to … inflation. Our purpose is to separate the effects on the interest-rate instrument from (i) discretionary changes in the rule for …

This paper demonstrates how a target for money growth can be beneficial for an inflation targeting central bank acting …

-level stability and low (including zero) inflation and the decisions about the price index, the quantitative target and the role of … a commitment to a simple instrument rule (like a Taylor rule), forecast targeting (like inflation-forecast targeting … against inflation-forecast targeting are scrutinized and found unconvincing. …

Using a 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 inflation and output variability. This is true even with a deterministic money demand formulation. In this …

as on inflation and thereby the real value of nominal debt. This component of the monetary transmission mechanism becomes … equal, implies that the effect of a monetary policy shock is increased by 4% for inflation, 8% for GDP and 24% for …

"Leaning against the wind" – a tighter monetary policy than necessary for stabilizing inflation around the inflation …

conventional wisdom, it is found that price-level targeting leads to a better trade-off between inflation and output …-gap variability than inflation targeting, when the central bank acts under discretion. In some cases, price-level targeting under … dircretion results in the same equilibrium as inflation targeting under commitment. …