half of the 1990s, as unemployment fell below 6% (in 1994), then below 5% (in 1997), and then remained below 5% for more …

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 …

A new measure of credibility is constructed as a function of the differential between observed inflation and some … estimate of the inflation rate that the central bank targets. The target is assumed to be met flexibly. Credibility is …-2008 financial crisis. The VIX, adopting an inflation target and central bank transparency, are the most reliable determinants of …

As central bankers intensify their focus on inflation as the primary goal of monetary policy, it becomes increasingly … important to have accurate and reliable measures of changes in the aggregate price level. Measuring inflation is surprisingly … transitory noise and bias. Noise causes short-run changes in measured inflation to inaccurately reflect movements in long …

labor markets employment and output are decreasing and inflation is initially increasing and then decreasing in the degree … of central bank conservatism. A radical-populist central banker who cares not at all about inflation (alternatively, who …

. Deflation subsided by 2005. As soon as inflation appeared to stabilize near a rate of zero, the Bank of Japan rapidly reduced …

determine inflation in this regime, so I base the analysis on the fiscal theory of the price level. I find that monetary policy … can peg the nominal rate, and determine expected inflation. With sticky prices, monetary policy can also affect real … interest rates and output, though higher interest rates raise output and then inflation. The conventional sign requires a …

The dollar's depreciation during the early floating rate period, 1973 - 1981, was a symptom of the Great Inflation. In … a willingness to maintain a disinflationary stance despite severe economic weakness and high unemployment did the dollar …