. Our analysis improves upon existing work by endogenising the volatility of both output and inflation. Improved …

perceived inflation persistence by the private sector. Such a sophisticated policy reduces inflation persistence and inflation … volatility at little cost in terms of output gap volatility. Persistent responses to cost-push shocks and stability of inflation … play is very different. In the case of commitment it relies on expectations of future policy actions affecting inflation …

countries with low inflation, the raw relationship between average inflation and the growth rate of money is tenuous at best … elasticities implied by theories of Baumol-Tobin and Miller-Orr. Finally, the sample after 1990 shows considerably less inflation … variability, worsening the fit of a one-for-one relationship between money growth and inflation, and generates a fairly low …

potential and stationary inflation. This paper applies the method recently suggested by Laubach and Williams to jointly estimate … area was on average stimulative during 1960s and the 1970s, while it contributed to dampen the output gap and inflation in …

Under inflation targeting inflation exhibits negative serial correlation in the United Kingdom, and little or no …, inflation appears to be (nearly) purely forward-looking, so that no mechanism introducing backward-looking components is … necessary to fit the data. These results question the notion that the intrinsic inflation persistence found in post-WWII U …

This paper analyzes monetary policy in a model with a potential unanchoring of inflation expectations. The degree of … unanchoring is given by how sensitively the public’s long-run inflation expectations respond to inflation surprises. I find that … inflation fluctuations when expectations are well-anchored. Furthermore, I estimate the model-implied relationship that …

This paper provides a comprehensive empirical analysis of the role of discretionary fiscal policy for inflation … is difficult to find robust evidence of the fiscal policy stance or impulse impacting directly on inflation differentials …. We do find, however, support for an indirect effect of discretionary fiscal policy on inflation differentials working …

on output and, in particular, also on inflation in the euro area under alternative settings for monetary policy. We … that this over-proportionality is stronger for the fiscal multiplier on inflation than on output. We relate this finding to …