linking interest rates to forecasts of future inflation. Such rules have been found to give rise to aggregate fluctuations due … interest-rate rules whereby the central bank responds to a measure of past inflation. The consensus view that has emerged is … inflation are likely to ensure global stability provided that the coefficient on lagged interest rates is greater than unity …

prominent role in the conduct of monetary policy. A modified Taylor Rule would depend on a long-term measure of inflation having …-emptive anti-inflation policy in the middle of the expansions when housing is not so sensitive to interest rates, making it less … likely that anti-inflation policies would be needed near the ends of expansions when housing is very interest rate sensitive …

the fall in trend inflation. I develop a method for estimating the sacrifice ratio in individual disinflation episodes …, and apply it to 65 episodes in moderate-inflation OECD countries. In this sample. the sacrifice ratio is decreasing in the … inflation are unclear …