and actual nominal GDP in the McCallum rule, as well as the output and inflation gaps in the Taylor rule. We find a …

interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response …

interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response …

interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response …

. Deflation subsided by 2005. As soon as inflation appeared to stabilize near a rate of zero, the Bank of Japan rapidly reduced …

situation poses to price stability. We propose to regard the central banker as a risk manager who aims to contain inflation … forecast the risks of worldwide deflation for horizons of up to two years. Although recently fears of worldwide deflation have … increased, we find that, as of September 2002, with the exception of Japan there is no evidence of substantial deflation risks …

situation poses to price stability. We propose to regard the central banker as a risk manager who aims to contain inflation … forecast the risks of worldwide deflation for horizons of up to two years. Although recently fears of worldwide deflation have … increased, we find that, as of September 2002, with the exception of Japan, there is no evidence of substantial deflation risks …

inflation and money growth, while output gaps and the exchange rate play negligible roles. We also implement in-sample fit …

measures of its policy objectives on inflation, growth and financial stability. We find that deviations of CPI inflation from …