We estimate the determinants of disagreement about future inflation in a large and diversesample of countries, focusing … followsthe adoption of inflation targeting is entirely due to increased central bank transparency.Since the benefits of increased … transparency are non-linear, the gains from inflation targetingadoption have accrued mainly to countries that started from a low …

-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a … breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the past 50 years … unemployment on inflation,for given expected inflation, decreased until the early 1990s, but has remained roughly stable since then …

The consensus among central bankers is that higher inflation expectations can drive up inflation today, requiring … tighter policy. We assess this by devising a novel method for identifying shocks to inflation expectations, estimating a semi … data for the United States, we find that a positive inflation expectations shock is deflationary and contractionary …

Upward sloping yield curves are hard to reconcile with the positive association between income and inflation (the … Phillips curve) in consumption-based asset pricing models. Using US and UK data, this paper shows inflation is negatively … the importance of monetary policy, predicting that a permanently low growth and low inflation environment would …

This paper examines whether high government debt levels pose a challenge to containing inflation. It does so by … assessing the impact of government debt surprises on inflation expectations in advanced- and emerging market economies. It finds … that debt surprises raise long-term inflation expectations in emerging market economies in a persistent way, but not in …

Anchoring of inflation expectations is of paramount importance for central banks' ability to deliver stable inflation … and minimize price dispersion. Relying on daily interest rates and inflation forecasts from major financial institutions … the dispersion of inflation expectations, a proxy for the extent of anchoring, which is based on the same analysts …

economies, to facilitate multilaterally consistent macrofinancial policy, risk and spillover analysis. This panel dynamic … transmission mechanisms, accounting for business cycle fluctuations, and generating relatively accurate forecasts of inflation and …

We introduce time-varying systemic risk in an otherwise standard New-Keynesian model to study whether a simple leaning …-against-the-wind policy can reduce systemic risk and improve welfare. We find that an unexpected increase in policy rates reduces output …, inflation, and asset prices without fundamentally mitigating financial risks. We also find that while a systematic monetary …

show that for a group of Latin American inflation targeters the prescriptions from typical monetary policy rules are … inflation from target, suggesting this information is not accounted for in real-time policy decisions …

This paper examines the recent behavior of core inflation in the United States. We specify a simple Phillips curve … based on the assumptions that inflation expectations are fully anchored at the Federal Reserve's target, and that labor …-market slack is captured by the level of shortterm unemployment. This equation explains inflation behavior since 2000, including …