Instrument-based versus target-based rules

DOI10.1093/RESTUD/RDAB027MaRDI QIDQ5064524zbMATH OpenOpenAlexFDO

Authors Marina Halac, Pierre Yared

Publication date 16 March 2022

Published in Review of Economic Studies (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1093/restud/rdab027

zbMATH Keywords

delegationmechanism designmonetary policypolicy objectivespolicy rulesprivate information

Mathematics Subject Classification ID

Mechanism design theory (91B03) Macroeconomic theory (monetary models, models of taxation) (91B64)

Recommendations

• Optimal monetary policy under inflation targeting based on an instrument rule.
• Explicit instrument versus targeting rules in the backward-looking model
• Targeting rules for monetary policy
• Optimal target criteria for stabilization policy
• Inflation targeting with imperfect information

Cited in

(2)

• Fiscal rules and discretion under limited enforcement
• Explicit instrument versus targeting rules in the backward-looking model

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