by Bennett T. McCallum and Edward Nelson
in Federal Reserve Bank of St. Louis Review, September/October 2005 Vol. 87, No. 5, pp. 597-612
Svenssons (2003) argument that targeting rules are normatively superior to instrument rules for conducting monetary policy is based largely on four main objections to the latter, plus a claim concerning the relative interest-instrument variability entailed by the two approaches. We advance arguments that contradict his objections and discuss general targeting rules and actual central bank practice.
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