This paper revisits the issue of what factors motivated the macroeconomic policies that led to the Great Inflation of … timing patterns relating monetary policy developments and inflation; and (3) the record of economic views (manifested in … - which claims that policymakers took a nonmonetary view of the inflation process - meets all three criteria. Other …

This paper reviews the inflation experience in the post-Bretton Woods era in the context of alternative central … bankobjectives. It summarizes research on inflation-targeting issues, especially those associated with stabilizing the price level …. Generally, inflation-targeting schemes do not provide a nominal anchor unless the central bank is focusing strictly on …

inflation risk. We calculate the term structure of inflation uncertainty in New Keynesian models when the monetary authority … achieves equilibria with substantially lower long-run inflation risk. With either sticky prices or sticky wages, a price path … target reduces the variance of inflation by an order of magnitude more than it increases the variability of the output gap. …