reducing inflation from three-digit annual rates in the 1990s to single-digit territory in 2004. The paper also discusses the …

Understanding the sources of inflation persistence is crucial for monetary policy. This paper provides an empirical … assessment of the influence of inflation expectations' anchoring on the persistence of inflation. We construct a novel index of … inflation expectations' anchoring using survey-based inflation forecasts for 45 economies starting in 1989. We then study the …

Modifications to Japan''s monetary policy framework will be needed as positive inflation resumes because the current … an ""anti-deflation"" objective to an inflation objective, complemented by a shift of monetary operations from a …

The ECB''s objective of medium-term inflation below 2 percent has been portrayed by critics as ambiguous, asymmetric … that: (1) in terms of guiding inflation expectations and policymaking, the current definition has functioned much as would … an inflation target centered on 1 1/2-1 3/4 percent; (2) the absence of a specific (point) target for medium …

Inflation persistence is sometimes defined as the tendency for price shocks to push the inflation rate away from its … steady state—including an inflation target—for a prolonged period. Persistence is important because it affects the output … costs of lowering inflation back to the target, often described as the “sacrifice ratio”. In this paper I use inflation …

This paper explores the relationship between the constitutional entrenchment of central bank independence and inflation … by the ""de jure"" independence established in the central bank law, and inflation. We argue that the constitution is … constitution have a better inflation performance …