In other words the amount of money in circulation is controlled by the central bank to achieve price stability or a stable inflation rates. Economic Journal, 108,.1795-1809. (2003) Monetary Policy and Real Stabilization. American Economic Review, 90(2.105-109. Taylor rule This refers to the monetary policy rule followed by some central banks like the US Federal Reserve, which stipulates how much the central bank would or should change the nominal interest rates in response to divergence from the target inflation rates and the. (1998) Trade-offs Between Inflation and Output Gap Variances in an Optimizing Agent Model. The National Bureau Enters its 45th Year, 44th Annual Report. Quarterly Journal of Economics, 117,.379-408.
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For Keynesians this is the most favourable monetary strategy. (2007) New Keynesian Models for Chile in my father english essay the Inflation-Targeting Period. Nber Working Papers, 9486,.261-312. A Festschrift for Guillermo Calvo. So the goal of this strategy is to reach a positive, modest inflation rate. Furthermore, Keynesians criticise that monetary targeting can lead to fluctuation of interest rates which then lead to price instability. Journal of Economic Perspectives, 9,.27-48. (1998) The Dangers of Exchange Rate Pegging in Emerging-Market Countries. (1998) Inflation Targeting: Lessons from Four Countries.
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