TY - BOOK ID - 84540289 TI - Inflation Targeting with NAIRU Uncertainty and Endogenous Policy Credibility AU - Isard, Peter. AU - Eliasson, Ann-Charlotte. AU - Laxton, Douglas. PY - 2001 SN - 1462306713 1452778566 1281603775 9786613784469 1451890613 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Banks and Banking KW - Inflation KW - Labor KW - Money and Monetary Policy KW - Model Construction and Estimation KW - Price Level KW - Deflation KW - Monetary Policy KW - Unemployment: Models, Duration, Incidence, and Job Search KW - Interest Rates: Determination, Term Structure, and Effects KW - Macroeconomics KW - Labour KW - income economics KW - Monetary economics KW - Finance KW - Inflation targeting KW - Unemployment rate KW - Real interest rates KW - Unemployment KW - Prices KW - Monetary policy KW - Financial services KW - Interest rates KW - United States KW - Income economics UR - https://www.unicat.be/uniCat?func=search&query=sysid:84540289 AB - Stochastic simulations are employed to compare performance of monetary policy rules in linear and nonlinear variants of a small macro model with NAIRU uncertainity under different assumptions about the way inflation expectations are formed. Cases in which policy credibility is ignored or treated as exogenous are distinguished from cases in which credibility and inflation expectations respond endogenuously policy credibility strengthens the case for forward-looking inflation forecast based rules relative to backward-looking Taylor rules. ER -