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 …

do not make a distinction between the relative impacts of short-term vs. long-term unemployment on wage inflation. Using …

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

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 …

Recent papers have argued that one implication of globalization is that domestic inflation rates may have now become …. This paper aims to assess the empirical importance of global output in determining domestic inflation rates by estimating a … this channel, global economic conditions can indirectly affect inflation. The results, instead, do not seem to provide …