The use of explicit inflation targets has meant that monetary policy has become more transparent and also easier to … inflation. Our purpose is to separate the effects on the interest-rate instrument from (i) discretionary changes in the rule for …

index of monetary conditions; dynamic forecasts of inflation; and the relation between inflation and the output gap …

inflation-targeting regime 19932002 with the policies implied by certain simple instrument rules. Calibrated rules that are … describe monetary policy about equally well. A close reading of various policy documents, e.g., Inflation Reports, minutes from …

In this paper we study 2-state Markov switching VAR models of monthly unemployment and inflation for three countries …: Sweden, United Kingdom, and the United States. The primary purpose is to examine if periods of low inflation are associated … variance in unemployment. In the U.S. case we find that the variance of unemployment is lower in the low inflation regime than …

disentangle the effects, we study the predictability of all variables in a simple model of monetary policy: inflation, the output …

--the central bank's preference parameters; the degree of forward-looking behavior in the determination of inflation and output; and … the variances of inflation and output shocks--to match some broad characteristics of U.S. data. Our preferred …

advantages of structural analysis and use the models for interpreting the recent development of the inflation rate using …