We analyze the impact of price stability-oriented monetary strategies (inflation targeting — IT — and constraining … exchange rate arrangements) on inflation persistence using a time-varying coefficients framework in a panel of 68 countries … (1993–2013). We show that explicit IT has a stronger effect on taming inflation persistence than implicit IT and is …

Using post-1995 Japanese data we propose a theory-based sign-restriction SVAR approach to identify monetary policy …, the effect on inflation is not significantly different from zero. This suggests that while the Japanese Quantitative … Easing experiment was successful in stimulating real activity in the shortrun, it did not lead to any increase in inflation …

Carlo experiments, where we also study the estimation of the aggregate effects of micro and macro shocks. The paper … concludes with an empirical application to consumer price inflation in Germany, France and Italy, and re-examines the extent to … which ‘observed' inflation persistence at the aggregate level is due to aggregation and/or common unobserved factors. Our …

maximum likelihood estimation of the parameters in the model, we use an expectation maximization algorithm based on the state …

order to facilitate private sector learning and thus ease the future intratemporal inflation-output gap trade-offs. The …

restrictions which are not rejected by the data - the cost channel helps to generate an initial rise of inflation after a monetary …