targeting sector specific inflation rates rather than the aggregate inflation rate is very sensitive to the shape of the … rule can be closely approximated by a simple rule that targets aggregate inflation …

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

announcing a quantified inflation objective, other forms of communication, or by publishing central banks’ inflation and output … (economic) transparency, and given our findings that disagreement among inflation expectations in the general public is not …

1970s' United States would not have prevented the Great Inflation. We show that a standard policy counterfactual suggests … that the Bundesbank – which is near-universally credited for sparing West Germany the Great Inflation – would also not have … been able to prevent the Great Inflation in the United States. The sheer implausibility of this result sounds a cautionary …

Assigning a discretionary central bank a mandate to stabilize an average inflation rate—rather than a period …-by-period inflation rate—increases welfare in a New Keynesian model with an occasionally binding lower bound on nominal interest rates … inflation targeting (AIT) is equivalent to price level targeting (PLT). However, AIT with a finite, but sufficiently long …

stochastic menu costs are the only distortions. We show analytically that it is optimal to commit to zero inflation in the long …