be summarized by a simple policy rule of the type considered in the inflation-targeting literature. …

inflation and the difficulties of East European central banks in pursuing non-inflationary policies. The main obstacles are the …

situation poses to price stability. We propose to regard the central banker as a risk manager who aims to contain inflation …

The paper advances a simple and tractable Wicksellian model of inflation, in which the price level is determined by the …

stable rates of inflation in many countries. Consequently, the main goal of this Paper is to offer an overview of the main … policy issues arising in a low inflation environment and their practical relevance so as to identify the main challenges … nominal wage or price rigidities? What does the low inflation environment imply about the relative importance and effects of …

at containing inflation and the deviation of output from potential within pre-specified bounds. We develop formal tools … this loss function under weak assumptions may be estimated from realizations for inflation and output gap data even in the … parameters with respect to the inflation and output objectives during the Greenspan period. We formally test for and reject the …

stability. These questions are: (1) what are the economic costs of inflation? (2) what part does monetary policy play in the … short- and medium-term evolution of inflation? (3) what are the most appropriate monetary policy strategies for fighting … inflation? …

objective defined as (any rate of) CPI inflation below 2 percent. We contrast this framework with inflation targeting strategies … reacts in much the same way as inflation targeting central banks. The recent sharp reduction in the policy rate is consistent …

time’ is important both for the formulation of monetary policy and for the study of inflation behaviour. For the United ….0 to 7.1 percentage points to average UK inflation in the 1970s and 0.7–5.5 percentage points to inflation in the 1980s. …