the adoption of inflation targeting. However, the recent financial crisis and the call for central banks to focus more on …

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 …

-price changes, and an index of equiproportional changes in all inflation rates, that we label "pure" inflation. The paper estimates … changes to fundamental economic shocks. We use the estimates of the pure inflation and aggregate relative-price components to … answer two questions. First, what share of the variability of inflation is associated with each component, and how are they …

This paper investigates forecasts of U.S. inflation at the 12-month horizon. The starting point is the conventional … unemployment rate Phillips curve, which is examined in a simulated out of sample forecasting framework. Inflation forecasts …

What accounts for inflation after 2008? We use the prominent pre-crisis Smets-Wouters (2007) model to address this … question. We find that due to price markup shocks alone inflation would have been 1% higher than observed and 0.5% higher that … responsible for the slow recovery of employment, though not for the initial drop. Monetary policy shocks predict an inflation rate …

interest on reserves. While their effects on output and inflation are small, these policies require major adjustments in the …