This paper evaluates the success of Inflation Targeting on inflation and growth on a large panel data set of both … evidence to show that the support for a successful Inflation Targeting policy is very weak or non-existent. We use various … the process by which inflation targeting is hypothesised to influence inflation and growth, Section 3 surveys this …

Households' and firms' subjective inflation expectations play a central role in macroeconomic and intertemporal … microeconomic models. We discuss how subjective inflation expectations are measured, the patterns they display, their determinants …

Phillips-curve framework of low - often extremely low - response of inflation to unemployment could be the result of fairly … most Phillips-curve studies, that conclude that inflation has little relation to unemployment. We suggest that the flat …

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth" describing the … able to work themselves out fully. In this context, monetary shocks have a gradual and delayed effect on inflation, and … permanent nominal rigidities, and no departure from rational expectations, there is a long-run inflation-unemployment tradeoff. …