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 …

. These include the distinction between the short and long-run trade-offs between inflation and unemployment, and the changing … level of the non-accelerating inflation rate of unemployment (NAIRU), particularly in the 1970s. We estimate Phillips curves … discussion of the changing role of the Phillips curve in the intellectual framework used to analyse inflation within the Reserve …

favour of the SIPC over the low-inflation period. Parameter estimates are sensitive to inflation measures and sample periods … the fact that inflation has become difficult to model since the introduction of inflation targeting. Over sample periods …

include that a positive output gap would be less inflationary, but the cost of reducing inflation, once established, would … in the context of new-Keynesian economic theory. Using data for the United States and Australia, we find that the …

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 …