@techreport{NBERw5962,
 title = "Inflation Targeting: Some Extensions",
 author = "Lars E. O. Svensson",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "5962",
 year = "1999",
 month = "December",
 URL = "http://www.nber.org/papers/w5962",
 abstract = {Previous analysis of the implementation of inflation targeting is extended to monetary policy responses to different shocks, consequences of model uncertainty, effects of interest rate smoothing and stabilization, a comparison with nominal GDP targeting, and implications of forward-looking behavior.  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.},
}