This paper classifies countries that define their monetary policy framework by an inflation target into full …-fledged inflation targeters, eclectic inflation targeters and inflation targeting lite regimes. This classification is based on … indicators of the clarity and credibility of the commitment to the inflation target. The three regimes can be viewed as …

This paper provides some practical advice on establishing initial conditions in support of an inflation …-targeting monetary framework. These conditions are divided into four areas: a mandate in support of an inflation objective and …

Increases in German core inflation following the 2007 VAT hike were smaller than expected, leading to speculation about … small increase upon implementation. We find that core inflation rose by 0.36 percentage point in the run up and by a further … in core inflation in 2006-07 at an estimated pass-through of 73 percent. Most of the increase in 2006 was of general …

the economy under the inflation-targeting regime. We find novel evidence that most of the channels of transmission are … large panel of data improves inflation forecasting performance over smaller models and renders this model suitable for …