Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/82494 
Year of Publication: 
1999
Series/Report no.: 
Sveriges Riksbank Working Paper Series No. 92
Publisher: 
Sveriges Riksbank, Stockholm
Abstract: 
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 framework, there is thus no support for the prominent role given to money growth in the Eurosystem's monetary policy strategy.
Subjects: 
Inflation targeting
Monetary targeting
ECB
JEL: 
E42
E52
E58
Document Type: 
Working Paper

Files in This Item:
File
Size
253.72 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.