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

Real wage rigidities have recently been proposed as a way of building intrinsic persistence in inflation within the … significant [at usual levels] and correctly-signed reduced-form coefficient estimates, showing a trade-off between unemployment … and inflation in the New Keynesian Phillips curve. From a methodological perspective, these results derive from our …

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

inflation. The analysis extends Elwood’s (1998) framework by incorporating in the model an inflation-threshold process that can …, depending on the level of inflation: negative shocks are more detrimental when inflation is high, and positive shocks are more … persistent when inflation is low. …

The author surveys recent articles on the costs and benefits of price-level targeting versus inflation targeting … how price-level targeting affects the short-run trade-off between output and inflation variability by influencing … expectations of future inflation. The author looks at the implications of this argument for assigning an objective based on price …

In this paper, the authors propose a measure of underlying inflation for Canada obtained from estimating a monthly … distort the signal in many other measures of underlying inflation, and appears to capture price movements that are indicative … measures of underlying inflation monitored by the Bank of Canada. …

-traded-goods inflation, since prices are found to be more sticky in this production sector, but those gains come at the cost of substantially … estimated model for the Canadian economy, with a strict inflation-targeting rule where the central bank reacts to the next … period's expected deviation from the inflation target and does not target the output gap. …

. Compared to the historical inflation targeting rule, an optimal price level targeting regime substantially reduces the welfare … also better than the optimal inflation targeting rule in minimizing the distortion generated by the presence of nominal …