Inflation Targeting: Should It Be Modeled as an Instrument Rule or a Targeting Rule?

The paper discusses how current inflation targeting should be modeled, and argues that it is better represented as a commitment to a targeting rule (a rule specifying operational objectives for monetary policy or a condition for the target variables), than as a commitment to a simple instrument rule

本文探讨了当前通胀目标制（inflation targeting）的建模方式，并指出相较于承诺遵循简单工具规则，将通胀目标制表征为对目标规则——即明确货币政策操作目标或目标变量约束条件的规则——的承诺，更为合理。