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 …

How does competition affect information acquisition of firms and thus the response of inflation and output to monetary … oligopolistic competition increases monetary non-neutrality by up to 77% and amplifies the half-life of output response to monetary … uncertainty about inflation as a non-targeted moment …

We study how domestic and global output gaps affect CPI inflation. We use a New-Keynesian Phillips curve framework …1-2017Q4 period. We find broadly that both global and domestic output gaps are significant drivers of inflation both in … output gaps on inflation …

output gaps in the low-supply phase lessen the negative output gaps expected to emerge once supply recovers. However, the … aggregate demand gains momentum. If inflation also has inertia, the central bank still overheats the economy during the low …

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 … high inflation to a low-growth period with exceptionally low inflation since the early 1990s. We show based on a stylized …

experiment of the past decade, stemming from a belief of the government that higher interest rates cause higher inflation … eventually a negative coefficient on inflation in the policy rule. In such an environment, was the exchange rate still a random … walk? Was inflation anchored? Does the “standard model” suffice to explain the broad contours of macroeconomic outcomes in …

. Moreover, core consumer price inflation and the output gap have significant positive effects …This paper analyses the determinants of short-term inflation expectations based on surveys of professionals, using … dynamic cross-country panel estimation for a large number of 34 OECD economies. We find that food consumer price inflation and …

We derive closed-form solutions and sufficient statistics for inflation and GDP dynamics in multi-sector New Keynesian … economies with arbitrary input-output linkages. Analytically, we decompose how production linkages (1) amplify the persistence … of inflation and GDP responses to monetary and sectoral shocks and (2) increase the pass-through of sectoral shocks to …

We study the effects of forward-looking communication in an environment of rising inflation rates on German consumers …’ inflation expectations using a randomized control trial. We show that information about rising inflation increases short- and … long-term inflation expectations. This initial increase in expectations can be mitigated using forward-looking information …