This paper applies a state-space approach to estimate the implicit inflation target of the South African Reserve Bank … (SARB) since the adoption of the Inflation Targeting (IT) framework. The paper's findings are two. First, although the … official inflation target range is 3.6 percent, in practice, the SARB seems to have aimed for the upper segment of the band (41 …

proportionally to inflation. We show that conditions under which these rules generate aggregate instability by inducing liquidity … that respond to expected future inflation are more prone to induce endogenous cyclical and chaotic dynamics the more open …

Standard New Keynesian (NK) models feature an optimal inflation target well below two percent, limited welfare losses …-run Phillips curve between inflation and unemployment and a trade-off between price distortions and output hysteresis that change … the welfare-maximizing inflation level. For a plausible set of parameters, the optimal inflation target is in excess of …

We offer a novel methodology for assessing the quality of inflation reports. In contrast to the existing literature …, which mostly evaluates the formal quality of these reports, we evaluate their economic content by comparing inflation … coding of inflation reports to describe inflation factors communicated by central banks in real time. Regarding the latter …