interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response …

interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response …

is derived from policy-makers' preferences about inflation outcomes, we first show that downside risks to price stability … future inflation can provide insurance against the materialisation of such upside risks. …

inflation and its target, and the gap between output and its potential. Under the opportunistic approach to disinflation a … central bank controls inflation aggressively when inflation is far from its target, but concentrates more on output … stabilization when inflation is close to its target, allowing supply shocks and unforeseen fluctuations in aggregate demand to move …

. Deflation subsided by 2005. As soon as inflation appeared to stabilize near a rate of zero, the Bank of Japan rapidly reduced …

inflation and its target, and the gap between output and its potential. Under “the opportunistic approach to disinflation” a … central bank controls inflation aggressively when inflation is far from its target, but concentrates more on output … stabilization when inflation is close to its target, allowing supply shocks and unforeseen fluctuations in aggregate demand to move …

or inflation as in the empirical two-pillar Phillips curves estimated in some recent contributions, it would be optimal …-checking does not require direct effects of money on output or inflation. …

criticized for failing to explain common trends in money growth and inflation, and that therefore money should be used as a cross …-check is shown to be effective in offsetting persistent deviations of inflation due to central bank misperceptions. …

output or inflation as in the empirical “two-pillar” Phillips curves estimated in some recent contributions, it would be …-checking does not require direct effects of money on output or inflation. …