Erschienen:
Cambridge, Mass: National Bureau of Economic Research, June 1999
Erschienen in:NBER working paper series ; no. w7179
Umfang:
1 Online-Ressource
Sprache:
Englisch
DOI:
10.3386/w7179
Identifikator:
Reproduktionsnotiz:
Hardcopy version available to institutional subscribers
Entstehung:
Anmerkungen:
Mode of access: World Wide Web
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Beschreibung:
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