NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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What Rule for the Federal Reserve? Forecast Targeting

Lars E.O. Svensson

NBER Working Paper No. 23993
Issued in November 2017, Revised in September 2019

---- Acknowledgments ----

A preliminary version of this paper was presented at the Federal Reserve Bank of Boston's 61st Economic Conference, “Are Rules Made to be Broken? Discretion and Monetary Policy,” October 13-14, 2017. I thank Ben Bernanke, Edward Nelson, conference participants, the conference discussant V.V. Chari, and the editor and two anonymous referees for comments. Any views expressed and any errors are those of the author. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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