In closed or open economy models with complete markets, targeting core inflation enables monetary policy to maximize … is high. We develop an open economy model with incomplete financial markets to show that headline inflation targeting … headline inflation, assigns zero weight to import prices. …

inflation targeting, exchange rate management benefits households in the tradable goods sector but in the long run these …

In models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating … stabilize price movements in the flexible price sector. Also, in the presence of financial frictions, stabilizing core inflation … frictions a welfaremaximizing central bank should adopt flexible headline inflation targeting - a target based on headline …

Keynesian model we show that, if households have hyperbolic discounting, small positive rates of inflation can be optimal. In … our baseline calibration, the optimal rate of inflation is 2.1% and remains positive across a wide range of calibrations …. -- optimal monetary policy ; inflation targeting ; unemployment ; Phillips curve ; nominal inertia ; monetary policy …

Culture has played a pivotal role in human evolution. Yet, the ability of social scientists to study culture is limited … by the currently available measurement instruments. Scholars of culture must regularly choose between scalable but sparse … can advance the study of human culture by providing quantitative, scalable, and high-resolution measurement of …

Do institutions and culture affect environmental values? In this article we analyze 1,041 environmental valuations of … 223 wetlands in 38 developing countries, to examine the effect of institutions and culture on environmental values. We … wetland valuations. Understanding these important and varying effects of institutions and culture on wetland valuations is …

researchers have not accounted for the role of race and ethnicity in identifying culture parameters. Moreover, the majority of … cultural norms and female labor supply. For non-Hispanic Whites, the impact of culture is explained by variation in country … of labor supply are local culture and social capital measures. …

substantial within-country volatility. This volatility is at odds with the notion of culture adopted in economics: a set of slow … interactions. The insufficient persistence of survey proxies for such traits may compromise empirical studies of culture as a …

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 …