We test for fractional dynamics in CPI-based inflation rates for twenty-seven countries and WPI-based inflation rates …-based inflation rates for industrial as well as developing countries. Implications of the findings are considered and sources of long …

lead over corresponding movements in output, found in historical monetary statistics for the United States. Very similar … money and output during each of these three periods. …

This paper considers whether the Phillips curve can explain the recent behavior of inflation in the United States … historical data will overstate the responsiveness of inflation to present-day economic conditions. I modify the traditional … behavior of inflation without relying on anchored expectations. Specifically, I explore reasons why the slope might vary over …

bivariate time-series model for inflation and unemployment and tests those restrictions using quarterly US data from 1960 … two variables, indicating that the theory can explain inflation's initial rise and subsequent fall over the past four …

rates in order to control inflation and evaluates this policy using a dynamic, stochastic, sticky-price model of the United … States economy. The results show that the Fed's policy insulates aggregate output from the effects of exogenous demand …

low but still positive rates of inflation, provides an adequate approximation in welfare terms to the alternative of …

a whole. Subsequent work also shows that central bankers may optimally choose to maintain their reputations as inflation …

inflation target. The results indicate that the target rose from 1 1/4 percent in 1959 to over 8 percent in the mid-to-late 1970 … supply-side shocks into more persistent movements in inflation itself, although considerable uncertainty remains about the … true source of shifts in the inflation target. …

marginal costs to output. This leads to lower inflation volatility. The model can replicate the negative correlation between …