This paper advances the hypothesis that the transition from there-is-little-central-banks-can-do-to-control-inflation … to inflation targeting occurred because central banks, especially the Federal Reserve, demonstrated that central banks … can control inflation rather than a consequence of marked improvement in the professions understanding of how monetary …

Relying on the backward-looking Phillips curve, we estimate the level of inflation that erodes price rigidity and … varying threshold inflation levels. Studying six advanced countries over the 1970-2012 period, our results show that both the … slope of the Phillips curve and the threshold trend inflation that erodes price rigidity are time varying. These …

Relying on the backward-looking Phillips curve, we estimate the level of inflation that erodes price rigidity and … varying threshold inflation levels. Studying six advanced countries over the 1970-2012 period, our results show that both the … slope of the Phillips curve and the threshold trend inflation that erodes price rigidity are time varying. These …

examine the inflation-output variability tradeoffs implied by optimal inflation and price level rules. In previous work with … the Neoclassical Phillips Curve, we found that the choice between inflation targeting and price level targeting depended … did not enter the aggregate supply function, then inflation targets were preferred to price level targets. When we start …

average inflation rate in an international cross-section. We find that inflationary regimes in certain countries are duration …