If inflation expectations become firmly anchored at the inflation target even when average inflation deviates from the … target, the long-run Phillips curve becomes non-vertical. During 1997-2011, average inflation expectations in Sweden have … been close to the inflation target of 2 percent, whereas average inflation has fallen short of the target by 0.6 percentage …

-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a … breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the past 50 years … unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since …

We study how changes in the value of the steady-state real interest rate affect the optimal inflation target, both in …-for-one: increases in the optimal inflation rate are generally lower than declines in the steady-state real interest rate. Our approach … allows us not only to assess the uncertainty surrounding the optimal inflation target, but also to determine the latter while …

This paper examines shifts in the output effects of unanticipated inflation in the nineteenth-century United States by …

Inflation targeting is a monetary-policy strategy that is characterized by an announced numerical inflation target, an … implementation of monetary policy that gives a major role to an inflation forecast and has been called forecast targeting, and a high … stabilizing both inflation and the real economy, and has, as of 2010, been adopted by about 25 industrialized and emerging …

.K. regime (CPI inflation targeting combined with a floating exchange rate), and adoption of the euro, as monetary policy options …

In recent years, a number of central banks have announced numerical inflation targets as the basis for their monetary … examines the adoption, operational design, and experience of inflation targeting as a framework for monetary policy in the … operation of the long-standing German monetary targeting regime, which incorporated many of the same features as later inflation …

the trend inflation rate in the U.K. would have been reduced by more than one half if the Bank of England had not allowed …

their role in influencing the credibility of the monetary authority. We focus on measures of inflation expectations, the … mean reversion properties of inflation, and indicators of exchange rate risk. In addition we place some emphasis on whether …