situation poses to price stability. We propose to regard the central banker as a risk manager who aims to contain inflation …

inflation and the difficulties of East European central banks in pursuing non-inflationary policies. The main obstacles are the …

pronounced increase of aggregate US producer price inflation. …

This paper investigates the accuracy and heterogeneity of output growth and inflation forecasts during the current and …

at containing inflation and the deviation of output from potential within pre-specified bounds. We develop formal tools … this loss function under weak assumptions may be estimated from realizations for inflation and output gap data even in the … parameters with respect to the inflation and output objectives during the Greenspan period. We formally test for and reject the …

clearly to a lack of any usefulness of real-time output gap estimates for inflation forecasting both in the short term (one … inflation and growth. A genuine real-time data set for the euro area is used, including vintages of several alternative gap …

While overall inflation has fallen dramatically in countries like Italy and Spain, inflation in the home good sector … remains stubbornly higher than inflation in the traded good sector. If nominal exchange rates are fixed, these real … appreciations imply an inflation differential with countries like Germany. We first show that the real appreciations can be …

An inflation and stabilization bias may arise as a result of the principal-agent nature of monetary policy. Both depend … performance-orientated compensation packages can achieve both optimal stabilization and the elimination of the inflation bias. …