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 …

inflation, with emphasis on the role of oil shocks and accommodative monetary policy. The model features oil as a complementary … VAR. We then show that our model does a good job of explaining unemployment and inflation since 2010, including the recent … inflation surge that began in mid 2021. We show that mainly accounting for this surge was a combination oil price shocks and …

Yes, as inferred from panel evidence for inflation-targeting countries and a control group of high-achieving industrial … countries that do not target inflation. Our evidence suggests that inflation targeting helps countries achieve lower inflation … in the long run, have smaller inflation response to oil-price and exchange-rate shocks, strengthen monetary policy …

With positive trend inflation, the Taylor principle is not enough to guarantee a determinate equilibrium. We provide … new theoretical results on restoring determinacy in New Keynesian models with positive trend inflation and combine these … variables and the decline in trend inflation during the Volcker disinflation …

role for credit growth (beyond its role in constructing the inflation forecast) would reduce the volatility of output and …Historical data and model simulations support the following conclusion. Inflation is low during stock market booms, so … that an interest rate rule that is too narrowly focused on inflation destabilizes asset markets and the broader economy …

inflation. In the 2000s, and at least until the end of 2007, even larger increases in the price of oil were associated with much … milder movements in output and inflation. Using a structural VAR approach Blanchard and Gali (2007a) argued that this has … reflected in large part a change in the causal relation from the price of oil to output and inflation. In order to shed light on …

This paper examines the behavior of real GDP (levels and growth rates), unemployment, inflation, bank credit, and real … the ten-year window following the crisis when compared to the decade that preceded it. Inflation is lower after 1929 and …

Aggregate shocks that move output and inflation in opposite directions create a tradeoff between output and inflation … variability outcomes, revealing national central banker's relative weight on output and inflation variability in their preferences …. We use estimates of the structure of 23 industrialized and developing economies, including nine that target inflation …