shortfalls in inflation and output relative to exogenous trends, and the policy rate is kept at the ELB until the joint shortfall … is made up. Bernanke's second proposal adds only the cumulative inflation shortfall since the beginning of an ELB episode … directly to an otherwise standard Taylor rule. This cumulative shortfall in inflation from the 2 percent objective can be …

) could be efficacious in boosting output and inflation in economies facing persistent economic weakness, very low inflation, and … persistently high inflation if the central bank fully adhered to the program; or alternatively, that such a program would be …

's inflation objectives lie below the average level of inflation and estimates of the real interest rate likely to prevail over the … economic activity and inflation more volatile and systematically falling short of desirable levels. Moreover, the frequency and … that inflation achieves its 2 percent objective and requires that policymakers aim at inflation near 3 percent when the ELB …

onward of incomes policy as a weapon against inflation, and U.K. officials' repeated appeals to monetary sovereignty when …

Speed limit policy, a monetary policy strategy that focuses on stabilizing inflation and the change in the output gap …, consistently delivers better welfare outcomes than flexible inflation targeting or flexible price level targeting in empirical New … inflation targeting strategy, the discretionary speed limit policy performs better for most empirically plausible model …