disinflation under inflation targeting policies. The analysis is motivated by the disinflation performance of many inflation … episode price-setting firms' expect inflation to be highly persistent and opt for backward-looking indexation. As the central … bank acts to bring inflation under control, price-setting firms revise their estimates of the degree of persistence. Such …

a rationale for the practice of inflation zone targeting. We show that the presence of either zone-quadratic preferences … or a zone-linear relationship between inflation and economic activity provides strong incentives to deviate from … structure and relative preference towards economic stability in determining the width of the implied targeted inflation zone. …

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

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

euro area and Japanese inflation dynamics are best explained by Taylor-style contracts, while Buiter …-Jewitt/Fuhrer-Moore contracts perform somewhat better in fitting U.S. inflation dynamics. We are unable to fit Calvo-style contracts to inflation … backward-looking element. The completed model matches inflation and output dynamics in the United States, the euro area and …

a rationale for the practice of inflation zone targeting. We show that the presence of either zone-quadratic preferences … or a zone-linear relationship between inflation and economic activity provides strong incentives to deviate from … structure and relative preference towards economic stability in determining the width of the implied targeted inflation zone …

output or inflation as in the empirical "two-pillar" Phillips curves estimated in some recent contributions, it would be …-checking does not require direct effects of money on output or inflation. …

output or inflation as in the empirical 'two-pillar' Phillips curves estimated in some recent contributions, it would be …-checking does not require direct effects of money on output or inflation. …

output or inflation as in the empirical "two-pillar" Phillips curves estimated in some recent contributions, it would be …-checking does not require direct effects of money on output or inflation …