This paper compares the performance of simple inflation targeting (IT) and price-level path targeting (PLPT) rules to … preferred to IT for delivering macroeconomic stability, as it delivers a reduction in inflation and nominal interest rate …

inflation. However, such studies have for the most part focused on linear models, ignoring potential non-linearities between … interest rates and inflation. Using two different non-linear models, we find that the relationship between interest rate yield … spreads and inflation changes for policy-relevant horizons in the United States is most pronounced at negative long …

activity or inflation. This is of particular interest in the context of an inflation-targeting regime, where the monetary … policy stance is set according to inflation forecasts. While most empirical studies on causality have examined this issue … criteria. The causality pattern inferred by the authors' procedure is consistent with the Phillips curve (for the inflation …

containing information on real economic activity, inflation, interest rates and Divisia monetary aggregates produces the most …

The authors investigate empirically the relationship between different aspects of inflation and relative price …. The authors show that expected inflation, which is captured by the menu cost model, is the aspect of inflation that is …. The authors, however, cannot completely discard inflation uncertainty (the signal extraction model), especially when using …

inflation and output dynamics in the United States. In particular, I find that real money balance effects are quantitatively …

The purpose ot this study is to test the hypothesis that inflation uncertainty increases at higher levels of inflation … conditional variance of the error term to be time-varying. Since this variance is a proxy for inflation uncertainty, a positive … relationship between the conditional variance and inflation would be interpreted as evidence that inflation uncertainty increases …

This paper examines the performance of M1 in an indicator model of inflation over time horizons as long as 16 quarters … the deviations of M1 from its long-run path provide "distant-early-warning" information about the future path of inflation. …

This paper surveys the empirical literature on the benefits of low inflation emphasizing contributions since 1990. It … at the costs of inflation, or the benefits of price stability, in the context of four themes: inflation creates … uncertainty about the future; there are costs of having to cope with inflation; inflation affects equity and fairness; and 'living …