needed to strengthen the credibility of Ghana''s inflation-targeting regime.1 …Money has only limited information value for future inflation in Ghana over a typical monetary policy implementation …) are shown to be important predictors of future price changes. Inflation inertia is high and inflation expectations are …

credibility. In our setting, central bank credibility is proportional to the deviation of inflation expectations from the … announced inflation target, with positive deviations being more costly compared to negative ones. A loss in policy credibility … as a result of shocks leads to a more persistent, backward-looking inflation process, and is associated with lower output …

Understanding the sources of inflation persistence is crucial for monetary policy. This paper provides an empirical … assessment of the influence of inflation expectations' anchoring on the persistence of inflation. We construct a novel index of … inflation expectations' anchoring using survey-based inflation forecasts for 45 economies starting in 1989. We then study the …

methodology for the empirical evaluation of consistency in central bank communication. We find that the three communication tools-inflation …Inflation-targeting central banks have a respectable track record at explaining their policy actions and corresponding … inflation outturns. Using a simple forward-looking policy rule and an assessment of inflation reports, we provide a new …

We offer a novel methodology for assessing the quality of inflation reports. In contrast to the existing literature …, which mostly evaluates the formal quality of these reports, we evaluate their economic content by comparing inflation … coding of inflation reports to describe inflation factors communicated by central banks in real time. Regarding the latter …

This paper extends a small linear model of the Israeli economy to allow for nonlinearities in the inflation …-output process that arise from convexity in the Phillips curve and endogenous monetary policy credibility. We find that the dynamic … extended model does a much better job in accounting for the deterioration in monetary policy credibility and the output costs …

inflation expectations respond endogenuously policy credibility strengthens the case for forward-looking inflation forecast … a small macro model with NAIRU uncertainity under different assumptions about the way inflation expectations are formed …. Cases in which policy credibility is ignored or treated as exogenous are distinguished from cases in which credibility and …

This paper presents a model for Inflation Targeting under imperfect policy credibility. It modifies the conventional … time; non-linearities in the inflation equation and in the credibility generating process; and an explicit loss function … model in three ways: an endogenous policy credibility process, by which monetary policy can gain or lose credibility over …

Adequate modeling of the seasonal structure of consumer prices is essential for inflation forecasting. This paper … suggests a new econometric approach for jointly determining inflation forecasts and monetary policy stances, particularly where … money growth and implied exchange rate paths along with a jointly determined inflation forecast. The approach uses two broad …