unemployment-inflation tradeoff might indicate not something to be exploited but instead only policy-makers' correctly …

Inflation targeting central banks will be hampered without good models to assist them to be forward-looking. Many … current inflation models fail to forecast turning points adequately, because they miss key underlying long-run influences. The … world is on the cusp of a dramatic turning point in inflation. If inflation falls rapidly, such models can underestimate the …

The Paper presents a model in which the exogenous money supply causes changes in the inflation rate and the output … growth rate. While inflation and growth rate changes occur simultaneously, the inflation acts as a tax on the return to human … the income velocity of money that can break the otherwise stable relation between money, inflation, and output growth …

situation poses to price stability. We propose to regard the central banker as a risk manager who aims to contain inflation …

channel through which monetary policy lowers the volatility of inflation and, even more importantly, output. …

competition to influence domestic inflation. By comparing the unrestricted and restricted specifications, we provide evidence that … foreign competition plays an important role in accounting for the behavior of inflation in the traded goods sector. Our … inflation in the 1990s. Our results also provide evidence against demand curves with a constant elasticity in the context of …

concentrated in the second year after the shock. (2) Inflation responses are more varied. The median CPI inflation response peaks … consumer price inflation. Evidence of sustained inflation (as in the case of Germany) therefore must reflect a favorable … cumulative inflation and real growth responses, some countries such as Italy, France and Japan have fared well when faced with …

looking pricing account for the observed persistence in aggregate inflation. Second, price-setting responds to movements in … marginal costs, which should therefore be the driving force to observed inflation dynamics. This is not always the case in …) inflation, and underestimating the importance of (aggregate) marginal costs for (aggregate) inflation. We provide intuition for …