out to be only a slowdown, and inflation never departed from levels consistent with the ECB's quantitative definition of …

inflation during the first quarter of the 21st century, yielding important insights for central banking. Price stability has … involves a credible commitment to a nominal anchor with a strong response to inflation and pre-emptive leaning against an … them to stabilize both inflation and economic activity …

improved monetary performance: 1) there is no long-run tradeoff between output (employment) and inflation; 2) expectations are … critical to monetary policy outcomes; 3) inflation has high costs; 4) monetary policy is subject to the time …

-low unemployment. These interest rates were accommodative by historical standards. Nonetheless, inflation remained low. How did the Fed … succeed in sustaining rapid economic growth without fueling inflation and inflationary expectations? In retrospect, it is …This paper provides an explanation for the success of the Fed in accommodating growth with stable inflation in the late …

inflation (with base drift in the price level) and price-level stability (without such base drift) are compared, and a suitable … loss function (corresponding to flexible inflation targeting) is discussed, including the index and level for the inflation … price stability. The benefits of credibility (private inflation expectations coinciding with the inflation target) are …

aggregate demand gains momentum. If inflation also has inertia, the central bank still overheats the economy during the low …