interest rates by critically surveying theories about (a) optimal anticipated inflation, (b) optimal unanticipated inflation …

-level stability and low (including zero) inflation and the decisions about the price index, the quantitative target and the role of … a commitment to a simple instrument rule (like a Taylor rule), forecast targeting (like inflation-forecast targeting … against inflation-forecast targeting are scrutinized and found unconvincing …

Existing proposals to escape from a liquidity trap and deflation, including my Foolproof Way,' are discussed in the … conclude that the Foolproof Way is likely to work well for Japan, which is in a liquidity trap now, as well as for the euro …

out to be only a slowdown, and inflation never departed from levels consistent with the ECB's quantitative definition of …

policy requires that inflation be stabilized at the union level. On the other hand, the relinquishment of an independent …

on a number of grounds which we evaluate in this paper. We show that observed inflation persistence in U.S. time series … is consistent with the absence of structural inflation stickiness as is the case in the benchmark NNS economy. We …

Standard discussions of flexible inflation targeting as an optimal monetary policy abstract completely from the … consequences of monetary policy for the government budget. But at least some of the countries now adopting inflation targeting have … substantial difficulty in controlling fiscal imbalances, so that the additional strains resulting from strict control of inflation …

This paper considers whether 'liquidity trap' issues have important bearing on the desirability of inflation targeting … 'indeterminacy' dangers are created by variants of inflation targeting, the latter when forecasts of future inflation enter the … variable can still be the inflation rate …