regimes that are nested within this framework: inflation, output-gap growth and nominal income growth targeting; and inflation …

policy has been in the direction indicated by theory, but it has not gone far enough. To interpret quantitative policy, the … paper reviews the determination of inflation under different policy regimes. The main danger for inflation from current …

United States during the 1990s. Proponents of this approach recommend that, when inflation is moderate but still above the … long-run objective, the central bank should not move immediately to fight inflation, but rather wait for exogenous … circumstances — such as favourable supply shocks and unforeseen recessions — to deliver the desired reduction in inflation. While …

inflation rates as low as 2%. The effects of the constraint are, however, non-linear with respect to the inflation target and … variability of output increases significantly and that of inflation also rises somewhat. Also, we show that the asymmetry of the … short of potential with lower inflation targets. …

impact of the zero bound on the effectiveness of interest rate policy in Japan in terms of stabilizing output and inflation …

alternative monetary policy strategies. We start with the relationship between output and inflation and investigate the fit of the … reject the nominal contracting model in favor of the relative contracting model which induces more inflation persistence, we … in countries which transitioned out of a high inflation regime such as France and Italy. We close the model by estimating …

that delegation enables a wider class of economies to sustain zero inflation than would be able to do so in its absence. We … schemes, delegated policy enables zero inflation to prevail in economies in which it could not do so without delegated policy …