Inflation-targeting rules: History-dependent or forward-looking?

Kai Leitemo

Economics Letters, 2008, vol. 100, issue 2, 267-270

Abstract: This note discusses the inflation-targeting strategy if price setting gives rise to a hybrid Phillips curve. The strategy is inverted relative to private sector pricing behavior: if private sector price setting is backward-looking, policy should be forward-looking, and vice versa.

Date: 2008
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