Abstract
The purpose of the paper is to survey and discuss
inflation targeting in the context of monetary policy rules. The
paper provides a general conceptual discussion of monetary policy
rules, attempts to clarify the essential characteristics of
inflation targeting, compares inflation targeting to monetary
targeting and nominal-GDP targeting, and draws some conclusions
for the monetary policy of the European System of Central Banks.
JEL Classification: E42, E52.
Keywords: Intermediate targets, monetary targeting, ECB.
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