Discussion paper

DP1998 Inflation Targeting as a Monetary Policy Rule

The purpose of the paper is to survey and discuss inflation targeting in the context of monetary policy rules. The paper provides a general conceptual discussion of monetary policy rules, attempts to clarify the essential characteristics of inflation targeting, compares inflation targeting to other monetary policy rules, and draws some conclusions for the monetary policy of the European System of Central Banks.


Svensson, L (1998), ‘DP1998 Inflation Targeting as a Monetary Policy Rule‘, CEPR Discussion Paper No. 1998. CEPR Press, Paris & London. https://cepr.org/publications/dp1998