Inflation Targeting: Some Extensions
扩展了通胀目标制的分析，考察了货币政策对不同冲击的反应、模型不确定性的影响以及利率平滑和稳定的作用，发现这些因素都要求通胀预测更渐进地调整至目标。
Previous analyses of the implementation of inflation targeting are extended to monetary policy responses to different shocks, consequences of model uncertainty, and effects of interest rate smoothing and stabilization. Model uncertainty, output stabilization, and interest rate stabilization or smoothing all call for a more gradual adjustment of the conditional inflation forecast toward the inflation target. The conditional inflation forecast is the natural intermediate target during inflation targeting. The optimal way of reacting to shocks is hence to check how they affect the inflation forecast and then take the appropriate action.