) models, with and without financial frictions, for output growth and inflation in the period 1992 to 2011. We find strong …

Monetary policymakers and long-term investors would benefit greatly from a measure of underlying inflation that uses … all relevant information, is available in real time, and forecasts inflation better than traditional underlying inflation … measures such as core inflation measures. This paper presents the “FRBNY Staff Underlying Inflation Gauge (UIG)” for CPI and …

involving U.S. inflation and GDP growth. Empirical results suggest that the number of change points is larger than previously …

This paper investigates the consequences of debt stabilization for inflation targeting. If the monetary authority … perfectly stabilizes inflation while the fiscal authority holds constant the real value of debt at maturity, the equilibrium … inflation targeting appears to be more robust than flexible debt targeting to alternative parameter configurations and steady …

alternates between periods of deflation coupled with low output and periods of high economic activity with excessive inflation …. More generally, initial beliefs that are arbitrarily close to the inflation target equilibrium can result in complex … helps stabilize expectations around the inflation target equilibrium. …