TY  - JOUR
AU  - Svensson,Lars E. O.
TI  - Inflation Targeting: Some Extensions
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 5962
PY  - 1999
Y2  - December 1999
UR  - http://www.nber.org/papers/w5962
L1  - http://www.nber.org/papers/w5962.pdf
N1  - Author contact info:
Lars E.O. Svensson
Sveriges Riksbank
SE-103 37 Stockholm
SWEDEN
Tel: +46 8 787 0107
Fax: +46 8 21 0531
E-Mail: lars.svensson@iies.su.se
AB  - 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.
ER  -