central banks target inflation at a rate of about 2 percent. Many economists have recently proposed even higher inflation … importance of appropriately accounting for a low, positive trend inflation rate for the conduct of monetary policy. We first … review empirical research on the evolution and dynamics of U.S. trend inflation, as well as some proposed new measures to …

We develop an experimental framework to investigate the quantity theory of money and the real effects of inflation in … an economy where money serves as a medium of exchange. We test the classical view that inflation reduces output and … welfare by taxing monetary exchange. Inflation is engineered by constant money growth. We conduct three treatments, where the …

current operating procedures and make monetary policies more effective in fighting inflation. …

According to the game-theoretic model of monetary policy, inflation is the consequence of time-inconsistent behavior of … the monetary authority. The inflation bias can be eased by handing over the responsibility for monetary policy to an … sample of 11 OECD countries. -- Central Banking ; Conservatism ; Central Bank Independence ; Inflation …