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 …

a powerful effect on both output growth and inflation. Second, conditional on available estimates of the impact of the …

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 …

The linkages between inflation and the economy's cyclical position are thought to be strongly affected by the … endogenizes and estimates credibility parameters, allowing inflation expectations to be a mix of backward- and forward … between policy credibility and divergences of inflation from target, which is also assumed to change over history. Finally …

The days when secrecy and opacity were the bywords of central banking are gone. The advent of inflation targeting in …

rate as the real policy rate consistent with output at its potential level and inflation equal to target after the effects … rate below neutral will be required to maintain inflation sustainably at target. …