accountability through transparency leads to a lower expected rate of inflation and less stabilization of supply shocks …

We analyse the interaction between private agents? uncertainty about inflation target and the central bank's data … uncertainty. In our model, private agents update their perceived inflation target and the central bank estimates unobservable … economic shocks as well as the perceived inflation target. Under those two uncertainties, the learning process of both private …

This paper studies the importance of money for inflation in the euro area. An inflation equation is derived from a … small model that combines the supply and demand for money with a Phillips curve and the assumption that inflation … expectations develop adaptively. The model's solution attributes an impact on inflation not to actual money growth but to its core …

rate response to deviations of the inflation rate from target, to the change in the output gap, to money demand shocks and …-term inflation expectations, monetary targeting introduces inertia and history-dependence into the monetary policy rule. This is …

price setters to infer the central bank's future policy intentions, thereby making current inflation more responsive to … policy actions. This induces the central bank to pay more attention to inflation rather than output gap stabilization. Then …, transparency may be disadvantageous. It may actually be a policy-distorting straitjacket if the central bank enjoys low-inflation …

policy of flexible inflation targeting. A number of simple (but non-optimal) targeting rules are compared. Strict producer … Zentralbanken verwirklicht werden kann, die eine Strategie des flexiblen Inflation Targeting verfolgen. Eine Reihe einfacher (aber …

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. …

deviations of inflation from target, but not to monetary growth. This result is at odds with the Bundesbank´s claim that it … Bundesbank took its monetary targets seriously, but also responded to deviations of expected inflation and output growth from …