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

looking pricing account for the observed persistence in aggregate inflation. Second, price-setting responds to movements in … marginal costs, which should therefore be the driving force to observed inflation dynamics. This is not always the case in …) inflation, and underestimating the importance of (aggregate) marginal costs for (aggregate) inflation. We provide intuition for …

The Paper presents a model in which the exogenous money supply causes changes in the inflation rate and the output … growth rate. While inflation and growth rate changes occur simultaneously, the inflation acts as a tax on the return to human … the income velocity of money that can break the otherwise stable relation between money, inflation, and output growth …

unemployment-inflation tradeoff might indicate not something to be exploited but instead only policy-makers' correctly …

countries with low inflation, the raw relationship between average inflation and the growth rate of money is tenuous at best … elasticities implied by theories of Baumol-Tobin and Miller-Orr. Finally, the sample after 1990 shows considerably less inflation … variability, worsening the fit of a one-for-one relationship between money growth and inflation, and generates a fairly low …

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 …

indicator and forecasting properties of the real interest rate gap for inflation, both in the model and in the data. Our results … suggest that the real interest rate gap has value as an inflation indicator, supporting the ‘neo-Wicksellian framework …

regimes that are nested within this framework: inflation, output-gap growth and nominal income growth targeting; and inflation …

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

We investigate both the rational explosive inflation paths studied by McCallum (2001), and the classification of fiscal …