account in the present paper may push up the optimal in ation targets further. The welfare costs associated with targeting …

account in the present paper may push up the optimal inflation targets further. The welfare costs associated with targeting …

account in the present paper may push up the optimal inflation targets further. The welfare costs associated with targeting …

. Minimising the welfare consequences of relative price distortions in the presence of these trends requires targeting a … significantly positive inflation rate in France, Germany and Italy: the steady-state inflation rate, jointly maximising welfare in … up optimal inflation targets further. The welfare costs of targeting an inflation rate of zero, as suggested by monetary …

corrects the bias and brings inflation back on target. Adopting this asymmetric rule improves welfare and reduces the risk of …

corrects the bias and brings inflation back on target. Adopting this asymmetric rule improves welfare and reduces the risk of …

reserves can act as the main tool of monetary policy, that is shown to provide higher welfare gains in relation to a simple …

This paper studies the welfare consequences of exogenous variations in trend inflation in a New Keynesian economy … variance of shocks to the trend inflation process decreases welfare not only by increasing the volatilities of consumption and … leisure, but also by decreasing their average levels. I find that the welfare cost of drifting trend inflation is modest and …

of inflation volatility in order to stabilise the welfare-relevant output gap. …

. Minimising the welfare consequences of relative price distortions in the presence of these trends requires targeting a … significantly positive inflation rate in France, Germany and Italy: the steady-state inflation rate, jointly maximising welfare in … up optimal inflation targets further. The welfare costs of targeting an inflation rate of zero, as suggested by monetary …