inflation and output dynamics in the United States. In particular, I find that real money balance effects are quantitatively …

Inflation targeting (IT) had originally been introduced as a device to bring inflation down and stabilize it at low … levels. Given the current environment of persistently weak inflation in many advanced economies, IT central banks must now … bring inflation up to target. In this paper, the author tests to what extent inflation expectations are anchored in such …

The inflation targeting (IT) regime is 17 years old. With practice of IT now in more than 21 countries, there is enough … evidence gathered to take stock of the IT experience. In this paper, we analyze the inflation record of IT central banks. We … extend the work of Albagli and Schmidt-Hebbel (2004) by looking at a broad range of factors that can influence inflation …

dollars to prices of resource-based commodities, and inflation targeting. This paper explores various aspects of these … phenomena. It uses standard empirical models, and an investigation of the different approaches to inflation targeting in the … helpful to macroeconomic stability. It appears that the most effective monetary policy approach focuses on domestic inflation …

bound is relatively low, especially if the inflation target established for the monetary authority is 2 per cent or more … rate for lower inflation targets. Various caveats apply to drawing conclusions for Canada from the papers we surveyed …

Since the work of Doepke and Schneider (2006a) and Meh and Terajima (2008), we know that inflation causes major … same country. Two types of monetary policy, inflation targeting (IT) and price level targeting (PT), have very different …

-traded-goods inflation, since prices are found to be more sticky in this production sector, but those gains come at the cost of substantially … estimated model for the Canadian economy, with a strict inflation-targeting rule where the central bank reacts to the next … period's expected deviation from the inflation target and does not target the output gap. …

The author provides an overview of the 1975–78 Anti-Inflation Program (AIP), in a background document prepared for a … policy response to, inflation in the decade preceding the introduction of the AIP, the author sets out the elements of the … AIP's monetary and fiscal policy, and prices and incomes controls. He then compares the program's inflation objectives …

explain the poor quality of recent inflation forecasts based on the conventional Phillips curve. Among the various … explanations we consider for the persistent underestimation of inflation, the one that emerges most clearly from our findings is … that the process by which inflation expectations are formed has changed in recent years. Shifts in expectations appear to …

examines whether they can be used to analyse the inflation-control problem. Given the close correspondence between the exchange … rate and inflation-targeting problems, the target-zone literature may help us better understand inflation dynamics and … central-bank credibility in the presence of inflation-control targets or ranges. While we find many common elements across the …