appointment of Volcker marked a change in the conduct of monetary policy, but inflation dropped only when fiscal policy … accommodated this change two years later. In fact, a disinflationary attempt of the monetary authority leads to more inflation if … been confident about the switch, the Great Inflation would not have occurred and debt would have been higher. This is …

A relation between inflation and the path of average marginal cost (often measured by unit labor cost) implied by the … is shown to again take the standard "new-Keynesian" form, but with an elasticity of inflation with respect to real …

monetary policymaking. First, we discuss why trimmed means provide the best measure of core inflation. Second, we outline how … rigidities impede policymakers' ability to control inflation. And third, we describe how alternative shock/rigidity combinations … create inflation's grease (whereby it improves economic efficiency by speeding adjustment) and sand effects (whereby it …

transitory noise and bias. Noise causes short-run changes in measured inflation to inaccurately reflect movements in long … both the noise and the bias in the CPI. Noise reduction is achieved by average monthly inflation in measures called trimmed …As central bankers intensify their focus on inflation as the primary goal of monetary policy, it becomes increasingly …

, Eurostat and the UN is shown to result in downward bias in the CPI and upward bias in real consumption. We conclude that the …

of "local-to-frictionless" equilibria predicts mild inflation, no output reduction and negative multipliers during the …

basis points respectively. ATR and STR are tight money-tight credit regimes that respond too much to inflation and too …