of flexible inflation targeting (price stability and the highest sustainable employment), including keeping average … inflation over a longer period on target; (2) not adding household debt as a new (intermediate) target variable, in addition to … inflation and unemployment – not “leaning against the wind,” which is counterproductive, but leaving any problems with household …

This Paper argues that inflation-targeting central banks should announce explicit loss function with numerical relative … inflation and output-gap forecasts. Simple voting procedures for forming the Monetary Policy Committee’s aggregate loss function … inflation targeting and eliminates some misunderstandings of the meaning of ‘flexible’ inflation targeting. Using time …

Eurosystem. The P* model implies that inflation is determined by the level of and changes in the "real money gap" (the deviation … indicator for future inflation. Nevertheless, the P* model does not seem to provide any rationale for either a Bundesbank …

The paper discusses the choice between inflation targeting and monetary targeting as a strategy for the Eurosystem, the … the Eurosystem. The choice between inflation targeting and monetary targeting is, in effect, a choice between high and low … transparency. Inflation targeting and monetary targeting, in practice, imply similar policy decisions, but monetary targeting …

We examine to what extent variants of inflation-forecast targeting can avoid stabilization bias, incorporate history …. A suitably designed inflation-forecast targeting rule can achieve the social optimum and at the same time have a more …

Using a small empirical model of inflation, output, and money estimated on US data, we compare the relative performance … of monetary targeting and inflation targeting. The results show that monetary targeting would be quite inefficient, with … both higher inflation and output variability. This is true even with a nonstochastic money demand formulation. Our results …

-level stability and low (including zero) inflation and the decisions about the price index, the quantitative target and the role of … commitment to a simple instrument rule (like a Taylor rule), forecast targeting (like inflation-forecast targeting) and … model uncertainty can be incorporated. Eurosystem arguments in favor of its money-growth indicator and against inflation …

year and a half as Deputy Governor at Sveriges Riksbank regarding (1) flexible inflation targeting, (2) the role of … transparency in inflation targeting and committee decisions on instrument-rate paths, (3) the management of interest … transparency and flexible inflation targeting that I believe would be desirable. …

stability. These questions are: (1) what are the economic costs of inflation? (2) what part does monetary policy play in the … short- and medium-term evolution of inflation? (3) what are the most appropriate monetary policy strategies for fighting … inflation? …