This paper presents a systematic empirical relationship between money and subsequent prices and output, using US, euro … qualitative and quantitative information on subsequent inflation. The usefulness of monetary analysis is contrasted to weaknesses … in modeling monetary policy and inflation with respectively short-term interest rates and real activity measures. The …

sector expectations that helps to dampen the fall in output and inflation at the outset of the liquidity trap …

the Generalized Dynamic Factor model to develop a set of core inflation indicators that, combining national data with area …

This paper studies optimal discretionary policy with parameter uncertainty about inflation inertia. Optimal policy … in the presence of uncertainty about inflation inertia, depending on the form of the central bank’s objective function …. Moreover, in the cases where optimal policy is not certainty equivalent, we find that inflation returns slightly more gradually …

This paper formalizes the process of updating the nowcast and forecast on output and inflation as new releases of data … Philadelphia surveys have a large marginal impact on the nowcast of both inflation variables and real variables and this effect is … sizeable. Prices and quantities affect the precision of the estimates of inflation while GDP is only affected by real variables …

non-atomistic unions. It is shown that concentrated labor markets call for more aggressive inflation stabilization. This … is because the central bank is able to induce wage restraint and to push output towards Pareto efficiency by implementing …

interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response … to the level of the output gap was not significant. In our empirical analysis we use real-time data, as available to …

in maturity. The cyclical dynamics of long-term inflation risk premia are mostly associated with changes in output gaps …We use a joint model of macroeconomic and term structure dynamics to estimate inflation risk premia in the United … inflation and interest rate expectations at various future horizons, as well as term structure data from both nominal and index …

-term inflation volatility in response to exogenous shocks can be optimal; that the optimal response to adverse financial shocks is to … lower interest rates, if not at the zero bound, and to engineer a short period of inflation; that the Taylor rule may …