We consider what, if any, relationship there is between monetary aggregates and inflation, and whether there is any … paribus unitary relationship between inflation and money growth. Simulations of a New Keynesian model suggest that we should … allowance needed for the phase shift in the relationship between monetary growth rates and inflation. While financial innovation …

output and inflation temporarily above target. From the perspective of our model such a policy reflects a low degree of … credibility. We find increased forecast uncertainty in inflation and the output gap at the zero lower bound while interest rate …

discuss several issues that concern the selection of a central bank's inflation objective under such conditions: price … low inflation could change relationships within the real economy. We present a framework for analyzing monetary policy … tend to be the case when long-term inflation is low. We summarize the results of research done at the Federal Reserve to …

parameters of policy rules. The paper derives closed form solutions for equilibrium inflation and real debt as functions of … interest rate reverses the usual Granger-causal ordering between deficits and monetization, so that money growth (or inflation …

This paper provides an evaluation of the effectiveness of inflation targeting in four industrial countries --New … fmancial market data suggests that credibility of their inflation targeting regimes on balance has deteriorated during the past … increases in long-term interest rates appear to be incompatible with the possibility that market expectations for inflation have …