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MEASURMENET OF INFLATION FORECAST TARGETING. A PROPOSAL OF METHODOLOGICAL SOLUTION

Magdalena Szyszko

Modern monetary policy focuses on inflation expectations. It is consistent with modern monetary theory: new neoclassical synthesis (NNS). NNS gives the background of monetary transmission mechanism. New Keynesian Phillips Curve, IS curve (production equation) as well as central bank’s reaction function include economic agents’ expectations.
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