to match past inflation. However, the present paper proposes a much larger effect by using the job finding rate as the …

inflation and activity. If policy makers are guided by the welfare criterion of the representative household, globalization … forces also lead monetary policy to be more aggressive with regard to inflation fluctuations but, at the same time, more …

Following Fuhrer and Moore (1995), several authors have proposed alternative mechanisms to 'hardwire' inflation … European Monetary Union, of inflation-targeting countries, and of the new Swiss monetary policy regime, I show that, in the …), the parameters encoding the 'intrinsic' component of inflation persistence are not invariant across monetary policy …

The paper provides a unified analysis of globalization effects on the inflation-output tradeoff and monetary policy, in … tend to flatten the tradeoff between inflation and activity. Second, these globalization forces lead monetary policy to be … more aggressive with regard to inflation fluctuations but, at the same time, more benign with respect to the output …

inflation and activity. If policy makers are guided by the welfare criterion of the representative household, globalization … forces also lead monetary policy to be more aggressive with regard to inflation fluctuations but, at the same time, more …