The fiscal theory states that inflation adjusts so that the real value of government debt equals the present value of … determines the path of expected inflation, while news about the present value of surpluses drives unexpected inflation. I use … fiscal theory to interpret historical episodes, including the rise and fall of inflation in the 1970s and 1980s, the long …

inflation …

In his 2004 inflation targeting manifesto, Marvin Goodfriend described US monetary policy as implicit inflation … targeting and advocated explicit targeting. Summarizing the 1965-2000 US inflation experience, he highlighted the importance of …, no conflict arises between flexible inflation targeting and maintaining/accumulating credibility. Second, implicit …

Inflation targets were introduced well ahead of the development of the theory of inflation targeting. The practice was … determination of the price level. But inflation targeting does not constitute a new theory of the monetary transmission mechanism …. The belief that it does led to the replacement of Milton Friedman's dictum that "inflation is always and everywhere a …

, we document several potential fiscal dominance effects during 2000-2017 under Inflation Targeting (IT), and non …

We provide a comprehensive assessment of leading monetary policy frameworks away from and at the ELB. Inflation … targeting, dual mandate, average inflation targeting under 4- and 10-period horizons, price level targeting, and nominal GDP … targeting. More history dependence worsens macroeconomic stability. Inflation expectations are managed better when mandates are …

observe that participants can learn to coordinate on high inflation full-employment equilibria. Permanent deleveraging shocks …. Permanently increasing the central bank's inflation target is insufficient to generate inflationary expectations due to low … central bank credibility. Negative interest rates stimulate spending and generate the necessary inflation for the economies to …