in financial markets or an upward shift in inflation risks …

words, substantial judgment will always be needed to achieve desirable outcomes on both the inflation and employment fronts …

solutions such as the conservative central banker and optimal inflation contracts. Our theoretical model also shows how an … inflation targeting range should be set and how it should respond to changes in the nature of shocks to the economy …

This paper examines what strategies policymakers have used to both reduce and control inflation. It first outlines why … a consensus has emerged that inflation needs to be controlled. Then it examines four basic strategies: exchange rate … pegging, monetary targeting, inflation targeting, and the just do it' strategy of preemptive monetary policy with no explicit …

of expectations, using either price level or inflation targeting, because the zero lower bound on interest rates means … history dependent strategy, associated with inflation targeting. However, because actions speak louder than words, management …