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In this comment, we answer the question posed in Svensson’s (2000) paper ‘Does the  P * Model Provide any Rationale for Monetary Targeting?’– in contrast to him ‐‐ in the affirmative. We argue that a strategy of monetary targeting can be rationalized within the  P * framework. Furthermore, we demonstrate that money growth targeting is a special form of inflation forecast targeting based on a ‘limited’ information set. In contrast to ‘full information’ inflation forecast targeting, monetary growth targeting is likely to be more robust under changing conditions of the real world.

How the P * Model Rationalizes Monetary Targeting: A Comment on Svensson