It has been widely argued that inflation persistence since WWII has been widespread and durable and that it can only be …

It has been widely argued that inflation persistence since WWII has been widespread and durable and that it can only be …

This paper empirically compares sticky-price and sticky-information Phillips curves considering inflation dynamics in … moments of inflation. Under baseline calibrations, the two models perform similarly in almost all countries. Under estimated … unconditional moments of inflation dynamics better while sticky information is more successful in matching co-movement of inflation …

moderating short-term interest rates to achieve the two-fold goals of stabilizing economic growth in the short-term and inflation … in the long-term. One important question is why monetary policy makers focus on core inflation instead of headline … inflation. Therefore, the main goal of this research article is to study the pattern of monetary policy responses to commodity …

permanent shifts of the exchange rate and the price level if a central bank anchors long-run inflation expectations. In line …-run price level target rather than a long-run inflation target avoids these permanent shifts of the exchange rate and the price …

This paper analyzes the performance of central banks in 27 inflation targeting countries by examining their success in … achieving their explicit inflation targets. For this purpose, we decompose the inflation gap, the difference between actual … inflation and inflation target, into predictable and unpredictable components. We argue that the central banks are successful if …