marketoperations. The relationship between the policy rate,expected inflation and consumption growth is affected bymoney market …

Empirical estimations suggest heavy-tailed unconditional distributions for inflation, the output gap and the interest … propose a model which replicates the above mentioned empirical features of inflation,the output gap and the interest rate and … distributions of inflation, the output gap and the interest rates exhibit heavy-tailed characteristics. Secondly, under an …

, notwithstanding that inflation in some countries tends to converge towards the euro area level. Overa11, inflation persistence has …

gap coefficient is higher in the recessionary regime than in the normal one. The estimate of the inflation coefficient …

Federal Reserve nonborrowed reserve supply systematically responded to changes in inflation and in the output gap over … inflation varies considerably across time. Nonborrowed reserves decreased with inflation in the post-1979 period and increased …

rate sequences that satisfy interest rate target rules. An interest rate target with a positive inflation feedback in … general corresponds to money growth rates rising with inflation. When prices are not completely flexible, this implies that a … target can be implemented by a non-destabilizing money supply, even if the inflation feedback exceeds one, which is often …