currency by keeping inflation low and steady. This paper provides evidence that monetary policy tightening aimed at maintaining … low and stable inflation could at the same time reduce consumption inequality over a 12-18 month horizon, commonly … benefit mainly from lower inflation. By contrast, the real consumption of individuals at higher ends of the consumption …

When faced with a relative price shock, monetary authorities often aim to contain its second round effects on inflation … while accepting first round effects. We analyze the experience of South Africa and other inflation targeters to explore … whether and when this policy prescription implies changing the monetary policy stance. Inflation targeting central banks …

The study looks at the cyclical behavior of the markups and assesses its impact on inflation dynamics. The analysis … countercyclical manner, with a short-term positive impact on inflation. This implies that the countercyclical pattern of the markups … is one factor among others that contribute to the relatively weak output gap-inflation co-movement. In the context of …

This paper reexamines the effects of inflation targeting on output stability. It considers an economy with staggered … output and inflation. The paper shows that, if some price shocks can be anticipated, the effects of inflation targeting … depend critically on the inflation indicator being targeted. Specifically, targeting headline inflation can severely …

examine the output gap’s usefulness. The results suggest that although output gap uncertainty leads to more inflation and … policy based only on observable inflation and output growth …

Inflation rates rose sharply in the Philippines during 2018. Understanding the demand and supply sources of inflation … pressures is key to monetary policy response. Qualitatively, indicators have pointed to evidence of inflation pressures from …-structural model to decompose the contributions of various shocks to inflation. Our main findings are (1) supply factors (mainly global …

We study the inflation process in India, focusing on the periods before and after the adoption of flexible inflation … core inflation, an examination of the sensitivity of medium-term inflation expectations to inflation surprises, and the … properties of convergence between headline and core inflation. Results indicate an important role for domestic factors in driving …

This paper presents a basic plan for developing a Forecast and Policy Analysis System designed to support an inflation …

inflation combined with a free float seems to be the ultimate option. The paper shows how to design and operationalize such a …

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 … methodology for the empirical evaluation of consistency in central bank communication. We find that the three communication tools-inflation …