inflation from above, so that inflation tar- geting policies may not be capable of ensuring REE uniqueness. In such cases, it is … advisable to combine inflation responses with an appropriate reaction to the output gap and/or firm profitability. The negative … reaction of real activity and asset prices to inflationary shocks adds a negative force to inflation responses that counteracts …

private sector inflation forecasts. But beyond the optimum people might: (1) start to attach too much weight to the … deteriorates the (perceived) quality of private sector inflation forecasts. Inflation then is set in a more backward looking manner … resulting in higher inflation persistence. By using a panel data set on the transparency of 100 central banks we find empirical …

heterogeneity in wage rigidity, such as the persistence in price and the wage inflation, which a standard New Keynesian model with …

responses of output and inflation following a monetary innovation. The key predictions of the model are in line with the data …. We then explore the state-dependent trade-off between inflation and output stabilization that naturally arises in this … context. Greater elasticity of inflation to real activity during expansionary stages of the cycle promotes a stronger degree …

sense that it understands and observes the process by which private sector inflation expectations are generated, and one in … which the central bank has to learn the private sector inflation forecasting rule.Here, the learning scheme we investigate … accommodates private sector inflation expectations) is no longer constant across the disinflation, but becomes state …

individual unemployment benefit spell durations. We compare a period of expansion (2005-2007) and the recent recession (2009 … the expansion period until the time of unemployment benefit expires. Individuals who are most affected by the financial … crisis tend to be males, those aged 16-24 and 40-51<br/>years, those living in regions with higher unemployment rates …