this phenomenon, which has been observed for several other countries, may be due to a change in the behaviour of inflation …. Specifically, moving from a high to a low-inflation environment has reduced the expected persistence of cost changes and, by … policy has responded more aggressively to inflation deviations over the low pass-through period relative to the high pass …

outperform a regime that targets inflation, except when inflation expectations are predominantly backward looking. In this paper …, which implies that optimal delegation is less important. Furthermore, a regime that targets CPI inflation in a conservative …