low but still positive rates of inflation, provides an adequate approximation in welfare terms to the alternative of …

framework that allowed the high inflation of the 1970s. Second, I consider whether models of inflation determination with no … monetary policy strategy of the empirical evidence for a long-run relationship between money growth and inflation. And fourth …, I consider reasons why a monetary policy strategy based solely on short-run inflation forecasts derived from a Phillips …

rates, and the shift in the response of the term structure of interest rates to inflation and output. Although the theory …

extent to which it is similar to inflation targeting as practiced by an increasing number of central banks. I examine the …

have, and whether to target inflation. Some key areas of ongoing research in this area, as of the beginning of the 21st … money or on credit, quantitative measurement of whatever is the mechanism at work, the trade-off between price inflation and … countries is as averse to inflation as is apparently the case. …

for the mild effects on inflation and economic activity of the recent increase in the price of oil: (a) good luck (i …

Reserve and commercial inflation forecasts. We demonstrate that the Federal Reserve has considerable information about … inflation beyond what is known to commercial forecasters. We also provide evidence that monetary policy actions provide signals …