, currencies, oil prices, and inflation …

This paper draws from Japan's recent monetary experiment to examine the effects of an increase in the inflation target … identified inflation target shock. We apply these findings to calibrate the effect of a shock to the inflation target in a new …-Keynesian DSGE model of the Japanese economy. We argue that imperfect observability of the inflation target and a separate exchange …

and use CPI net of shelter services as a measure of inflation, we obtain impulse responses of prices to a monetary … contraction shock more in line with what is predicted by theory. In addition, our results also suggest that inflation is much less … persistent than what is implied by analyses using a measure of inflation that includes shelter services. Our results pass a long …

inflation, while higher income households experienced the least import price inflation during our time period. Thus, we do not …