contribution of fluctuations in inflation to this particular link. In the data, a temporary rise in inflation causes real commodity … prices to rise, as does a rise in trend inflation. We find that a simple dynamic equilibrium model of commodity supply and … demand gives a realistic response of real commodity prices to inflation. Based on historical simulations, shocks to inflation …

inflation target is subject to unobserved changes. It characterizes the effect of disclosure of forecasts on inflation and … the slope of the Phillips curve, the central bank's preference weight on inflation relative to output and the ratio of the … variability of the inflation target relative to the cost-push disturbance. The paper briefly discusses how disclosure of forecasts …

long-run interest rates and inflation expectations into account. We find a strong connection between oil prices and long … strong relationship if inflation and oil prices were driven by monetary policy. The observed magnitude of this relationship …

We examine both the degree and the structural stability of inflation persistence at different quantiles of the … conditional inflation distribution. Previous research focused exclusively on persistence at the conditional mean of the inflation … rate. As economic theory provides reasons for inflation persistence to differ across conditional quantiles, this is a …

Conjectures about inflation expectations are inextricably linked to our understanding of the relationship between the … therefore examines the empirical properties of inflation expectations data constructed on the basis of both qualitative and … provides some insights into the nature of the interaction between monetary policy and inflation expectations. …

implications for monetary policy as the central bank has to decide which inflation rate to target. Our results demonstrate that …

that fix exchange rates and those that target inflation. Inflation targeting is a more durable policy; no country has yet … been forced to abandon an inflation target, while many have abandoned fixed exchange rates. Indeed, even though inflation … targeting began only in 1990, the duration of inflation targeting regimes is at least as long as, or longer than all alternative …

good inflation. In addition, the Ramsey optimal monetary policy can be approximated reasonably well with a Taylor …-type interest rate rule with weights on both inflation rates and output …