We present a simple long-run aggregate demand and supply framework for evaluating long-run inflation. The framework …-run inflation as well as transitions between steady states. We use the analysis to provide a fresh perspective on the forces that … drove global inflation downward over the past four decades. We argue that for inflation to remain low and stable in the …

shows not only that greater independence is associated with lower inflation, but also that the central bank's rights not to … finance the government and to set interest rates independently increase its effectiveness. The role of inflation targeting and … the distinction between price level and inflation targeting are also analyzed …

solutions such as the conservative central banker and optimal inflation contracts. Our theoretical model also shows how an … inflation targeting range should be set and how it should respond to changes in the nature of shocks to the economy …

In the spring of 2013 the Bank of Japan introduced a state-of-the-art monetary policy which included among other things … inflation targeting and aggressive use of forward guidance. In contrast to the predictions of conventional macroeconomic theory … I sketch a model meant to capture the challenge of reflation in Japan. As in recent literature I attempt to mute the …

their role in influencing the credibility of the monetary authority. We focus on measures of inflation expectations, the … mean reversion properties of inflation, and indicators of exchange rate risk. In addition we place some emphasis on whether …

the adoption of inflation targeting. However, the recent financial crisis and the call for central banks to focus more on …

out to be only a slowdown, and inflation never departed from levels consistent with the ECB's quantitative definition of …