inflation target regimes. We illustrate with data from selected developed and emerging countries with longest experience of … inflation targeting. …

This paper presents a brief description of the operation of Brazil's Inflation Targeting regime, and an evaluation of … observed inflation values with the officially announced targets and estimating Taylor and McCallum rules. The regime exhibits … large and persistent deviations of the inflation rate with respect to the targets;the Taylor and McCallum rules indicate a …

analysis: it seems that these central banks do not observe the inflation course before deciding about the variation of the … of the inflation gap as regressor; secondly, a really forward looking central bank focuses on other macroeconomic leading … indicators instead of examining the realized or expected inflation gap. …

assumed). In this paper, one inquires how a change in the way inflation expectations are modelled implies a change in monetary … policy results when an active Taylor rule is taken. By assuming that inflation expectations are constrained by the evolution …