Interest Rate Feedback Rules in an Open Economy with Forward Looking Inflation
比较了两种利率反馈规则（分别对应价格水平目标和通胀目标）在开放经济模型中的稳定效果，发现规则表现取决于冲击类型以及通胀是按消费者价格还是产出价格衡量。
With the adoption of an explicit inflation target in the UK, there has been renewed interest in the properties of alternative interest rate feedback rules. Following Svensson (1999) a literature examining the relative merits of inflation and price level targeting has also developed. In this paper we compare the stabilization properties of the two forms of feedback rule that have been used most frequently in the literature and which give rise to price level and inflation targeting, respectively. The model in which we embed our rules is significantly richer than those considered in the price level targeting literature and this allows us to explain why the relative performance of the rules is dependent upon the nature of the shock considered and whether or not excess inflation is defined in terms of consumer or output price inflation.