include that a positive output gap would be less inflationary, but the cost of reducing inflation, once established, would …

. These include the distinction between the short and long-run trade-offs between inflation and unemployment, and the changing … level of the non-accelerating inflation rate of unemployment (NAIRU), particularly in the 1970s. We estimate Phillips curves … discussion of the changing role of the Phillips curve in the intellectual framework used to analyse inflation within the Reserve …

favour of the SIPC over the low-inflation period. Parameter estimates are sensitive to inflation measures and sample periods … the fact that inflation has become difficult to model since the introduction of inflation targeting. Over sample periods …

prices are indexed to past inflation. These problems arise because of a type of misspecification and a lack of suitable …

Ball and Sheridan (forthcoming) show that OECD countries with a history of high inflation before the 1990s have … subsequently experienced a larger degree of disinflation than countries with a history of low inflation. They label this process … ‘regression to the mean’, and argue that it explains why those OECD countries which adopted inflation targeting experienced larger …

Inflation rates across countries tend to exhibit a degree of co-movement. In this paper we use a panel vector … prices are found to be more important than common movements in real activity as a driver of 'global inflation' dynamics …. However, commodity prices and common real activity cannot explain all of the co-movement in inflation. Even when controlling …

, by reducing the extent of intermediated finance, can reduce output below potential and keep inflation below the central … this means that expected inflation is below target in the short run. Such a policy is optimal because it can help to avoid …

This paper presents a new measure of underlying inflation: component-smoothed inflation. It approaches the problem of … determining underlying inflation from a different direction than previous methods. Rather than excluding or trimming out volatile … signal. Because our underlying inflation measure includes all CPI items at all times, it is robust to sustained relative …