target inflation rates as low as 2 percent. However, the effects of the constraint are non-linear with respect to the inflation … percent. The variability of output increases significantly and that of inflation also rises somewhat. Also, we show that the … increasingly short of potential with lower inflation targets. …

impact of the zero bound on the effectiveness of interest rate policy in Japan in terms of stabilizing output and inflation …

models differ in terms of structure, estimation method, sample period, and data vintage, we find surprisingly similar … in the different models. Simple model-specific policy rules that include the lagged interest rate, inflation and current …

criticized for failing to explain common trends in money growth and inflation, and that therefore money should be used as a cross …-check is shown to be effective in offsetting persistent deviations of inflation due to central bank misperceptions. …