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. …

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 …

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 …

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 …

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 …