This paper examines whether the clarity of central bank communication about inflation has changed with the economic … environment. We use readability statistics and content analysis to study the clarity of communication on the inflation outlook by … explaining their policies when faced with higher uncertainty or a less favorable inflation outlook. The global financial crisis …

inflation and growth, and long-term trends in price levels among the core ERM countries. The evidence suggests that over the …, than the individual national aggregates in predicting nominal aggregates such as inflation and the price level, while …

using the M3 money supply aggregated across “core ERM” countries- -those with low inflation and absence of realignments- -as … France and Germany separately. Second, the predictive power of the core-ERM aggregate relative to French and German inflation … is examined; it is shown that the aggregate helps to predict German inflation, over and above the predictive power of …

accountability. We show that a flexible inflation targeting approach that places weight on stabilizing inflation, a measure of … the effects of financial frictions can be ameliorated at little cost in terms of inflation. A range of different financial …