independence and inflation. Making use of data on the evolution of central bank independence over time and controlling for possible … country's inflation performance. Examining a cross-section of up to 69 countries, we are able to show that granting a central … bank more autonomy does not necessarily lead to better inflation performance. To lower inflation by increasing independence …

aiming for two per cent inflation over the medium term”, with “symmetric commitment” to this target. “Symmetry means that the … therefore analyse this policy strategy through a model of inflation target zone, with a central value and symmetric upper and … lower bounds on inflation, within which the central bank may decide not to intervene, provided inflation is expected to …

estate, as well as the costs of public goods to develop alternative inflation measures in Germany since the introduction of … the euro. Real economic growth as well as median wage developments are reexamined in light of the alternative inflation …

The Friedman rule states that steady-state welfare is maximized when there is deflation at the real rate of interest …. Recent work by Khan et al (2003) uses a richer model but still finds deflation optimal. In an otherwise standard new … Keynesian model we show that, if households have hyperbolic discounting, small positive rates of inflation can be optimal. In …

The paper analyses the reasons for Japan's persistently low inflation since the bursting of the Japanese bubble economy … (low inflation conundrum). It is shown that Japan experienced a structural break from a high-growth period with relatively … prices and goods with prices controlled by the government we show that inflation in Japan has been kept low by mainly three …

changing effectiveness of the Bank of Japan's Quantitative Easing policies over time. We analyse the Zero-Interest Rate Policy …