This paper studies the relationship between inflation, output, money and interest rates in the euro area, using data … power for future inflation. The real money gap contains more information about future inflation than the output gap and the … Eurosystem's money-growth indicator is an inferior indicator of future inflation …

-term inflation target to help anchor expectations. This paper aims to document how much the release of the forecasts of one major … central bank, the Bank of Japan (BOJ), has influenced private sector expectations of inflation, and whether the degree of … influence depends to any degree on the adoption of an inflation target (IT). Consistent with earlier studies, we find the …

inflation are evident.In addition, the maturing of the financial systems has elevated concerns of financial stability, as both a … alternatives to conventional inflation targeting frameworks. This paper lays out a policy framework based on a multi …

facts: (i) the long-run link between money growth and inflation and (ii) the link between credit growth and financial crises …. The analysis reveals that the former has weakened over time, while the latter has become stronger. Moreover, the money-inflation … two monetary facts. The money-inflation link is weaker in regimes characterised by low inflation and highly liberalised …

disagreement can be reconciled within the framework of flexible inflation targeting, defined as a commitment to a targeting rule …

intermediaries. While money is valued for its liquidity, its creation requires costly leverage. Inflation, security prices and the … if it helps back inside money, and lower if more inside money is used to trade it. Inflation can be low in security …