In 2004, the People's Bank of China (PBC) is reported to have abandoned the quantity of
money as its intermediate goal and to adopt some elements of the apparatus of inflation …

In a model with imperfect money, credit and reserve markets, we examine if an inflation-
targeting central bank applying the funds rate operating procedure to indirectly control …

The mainstream inflation-targeting literature makes the strong assumption that the central
bank can exactly target the interest rate which affects investment and consumption decisions …

Using a simple macro-economic model, this study shows how a two-pillar monetary strategy
as practiced by the European central bank (ECB) can be conceived to guarantee dynamic …

This paper studies the implications, in terms of macroeconomic stability, of the relation
between the degree of independence of the central bank and the degree of monetary policy …

This article integrates equilibrium conditions on money and reserve markets into a model of
aggregate supply and demand. It shows that, if private agents use all available information …

In this paper, it is argued that money supply in a narrow sense and repo interest rate are two
independent monetary policy instruments when the effect of interest rate policy cannot be …

Using an aggregate dynamic macroeconomic model, we study the macroeconomic and
financial stability under flexible inflation-targeting regime associated with intermediate …

Some countries may face choice between targeting inflation independently and entering a
monetary union that targets inflation. This paper shows that the choice of a country in favour …

The mainstream inflation-targeting literature makes the strong assumption that the central
bank can exactly target the interest rate which affects investment and consumption decisions …