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 …

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

variables other than inflation. …

expectations theory of the term structure can be traced to movements in the relative stocks of financial assets. The richer …

Woodford (2007) argues that it is not appropriate to regard inflation in the steady state of New Keynesian models as …-rate policy rule determines steady-state inflation. In this paper, I offer an alternative interpretation of steady-state behavior …, according to which it is appropriate to regard steady-state inflation as determined by steady-state money growth. The argument …