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 …

variations over time in the central bank's inflation target. We derive a closed-form solution for the model, and analyze its … monetary policies and inflation persistence. In particular, we employ the model to illustrate and assess the critique that …

Is the observed correlation between current and lagged inflation a function of backward-looking inflation expectations …, or do the lags in inflation regressions merely proxy for rational forward-looking expectations, as in the new … "hybrid" specifications for inflation that allow for effects of lagged and future inflation. We show that these tests of …

inflation to the unemployment rate and then invoked markup pricing and adaptive expectations to generate the accelerationist … price inflation equation. Blanchflower and Oswald (1994) have argued that microeconomic evidence of a low autoregression … in price inflation and the unemployment rate is consistent with any type of microeconomic real wage dynamics. However …

extended to account for variations over time in the central bank's inflation target. We derive a closed-form solution for the … of disinflationary monetary policies and inflation persistence. In particular, we employ the model to illustrate and …

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