remittances. These results have important implications for the design of inflation targeting in developing countries. …

effective in combating inflation, but it is shown that the optimal response to the decline in effectiveness is a stronger use of …: commitment outperforms the Taylor rule, the Taylor rule outperforms strict inflation targeting, and strict inflation targeting …

monetary policy objective. We find that for the price of a strong hike in inflation a severe economic recession can be avoided …

.The cost channel makes monetary policy less effective in combatting inflation, but it is shown that the optimal response to the …

deciding about interest rate policy, members individually formulate regular inflation forecasts. This paper uncovers systematic … differences in individual inflation forecasts submitted by voting and non-voting members. Based on a data set with individual … forecasts recently made available it is shown that non-voters systematically overpredict inflation relative to the consensus …

on individual forecasts for unemployment and inflation submitted by each individual FOMC member, which was recently made … policymakers were aware of these changes in real-time. -- inflation forecast ; NAIRU ; Phillips curve ; monetary policy ; Federal …

autoregressive model. In a high inflation regime the standard results from the literature obtain. In a low inflation regime output … shows no significant response to monetary policy while the inflation response is negative. The paper endogenously determines …