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The conduct of monetary policy rules is typically analyzed in the New Keynesian framework, where inflation depends on expected future inflation rates and the output gap. In this paper, the approach is contrasted with the pstar model, which uses a broader measure for inflationary pressures, as the price gap measures the disequilibria on the goods market and on the money market. A monetary policy rule, which includes the price gap, as an alternative to the Taylor rule is proposed. To get some impression on the robustness of results the performance of the rules is compared in empirically estimated small scale macro models. The views expressed in this paper are those of the author and do not necessarily reflect those of the Deutsche Bundesbank. The author is grateful to I. Brüggemann, G. Lombardo, J.-R. Kim, K.-H. Tödter and the participants at the ECB workshop. The standard disclaimer applies.

Is There a Role for Monetary Aggregates in the Conduct of Monetary Policy?