output and inflation responses to a monetary policy shock, (ii) the implications of sectoral price rigidity for aggregate … output and inflation dynamics and for cost pass-through, and (iii) the role of sectoral shocks in explaining sectoral prices …

This paper reports graphical and statistical evidence that the inflation targeting regimes in Canada and the UK - but … tracks the path implied by the inflation target, and the time-series predictions of the "bygones-are-bygones" version of … inflation targeting are rejected by the data in favor of those implied by price-level targeting. These results indicate …

using survey data on inflation expectations. The results based on these two specifications exhibit sharp differences …

This paper develops and estimates a game-theoretical model of inflation targeting where the central banker …