This paper advances the hypothesis that the transition from there-is-little-central-banks-can-do-to-control-inflation … to inflation targeting occurred because central banks, especially the Federal Reserve, demonstrated that central banks … can control inflation rather than a consequence of marked improvement in the professions understanding of how monetary …

level, after controlling for inflation expectations, and whether it is concentrated among those firms that are more exposed …

Between 2013 and 2014, following the recession triggered by the sovereign debt crisis, euro-area inflation decreased … sharply. Although a fall in the inflation rate was to be expected, given the severity of the recession, professional … inflation, which was unaccounted for in forecasting models. We probe this explanation in the context of a simple backward …

average inflation rate in an international cross-section. We find that inflationary regimes in certain countries are duration …

examine the inflation-output variability tradeoffs implied by optimal inflation and price level rules. In previous work with … the Neoclassical Phillips Curve, we found that the choice between inflation targeting and price level targeting depended … did not enter the aggregate supply function, then inflation targets were preferred to price level targets. When we start …