. Specifically, we estimate a series of simple models to measure the impact of inflation targeting on the dispersion of private … sector forecasts of inflation. Using a panel data set that includes 15 countries over 20 years we find no convincing evidence … that adopting an inflation targeting regime leads to a reduction in the dispersion of private sector forecasts of inflation …

The Shadow Open Market Committee was formed in 1973 in response to rising inflation and the apparent unwillingness of U … favored by the Shadow would have lowered inflation with less impact on output growth and less variability in inflation or … outperformed the policies actually implemented by the Federal Reserve during the Great Inflation era. …

Should central banks, because of the zero-lower-bound problem, raise their inflation-rate targets? Several arguments … are relevant. (1) In the absence of the ZLB, the optimal steady-state inflation rate, according to standard New Keynesian … currency is feasible (even arguably attractive) and would remove the ZLB constraint on policy. (5) Increasing target inflation …

. Key to our estimation strategy is the use of survey-based expectations for inflation and output. We identify accommodating … shocks shift to the low volatility regime around 1985 whereas inflation shocks do so only around 1990, suggesting active … monetary policy may have played role in anchoring inflation expectations. Shocks and policy regimes jointly drive the …

The question of price level versus inflation targeting remains controversial. Disagreement concerns, not so much the …

uncertainty and can undermine the ability of monetary policy to control inflation and influence real economic activity in the …

their role in influencing the credibility of the monetary authority. We focus on measures of inflation expectations, the … mean reversion properties of inflation, and indicators of exchange rate risk. In addition we place some emphasis on whether …

expectations about future inflation. Our novel experimental framework allows us to disentangle learning from different sources of … conducted with 10,000 subjects in both a low-inflation context (the United States) and a high-inflation context (Argentina). To … individuals are highly influenced by both inflation statistics and supermarket prices when forming their inflation expectations …

the adoption of inflation targeting. However, the recent financial crisis and the call for central banks to focus more on …

Japan suffered a very high inflation rate in 1973-74. The CPI inflation rate rose to near 30% in 1974, the highest rate …, the oil crisis is blamed for the 1973-74 high inflation. However, due to monetary policy decisions in 1972-73, the … inflation rate had already exceeded 10% before the onset of the oil crisis in October 1973. These decisions include the interest …