imply implicit instrument rules, may be closer to actual operating procedures of inflation-targeting central banks. We find … that inflation forecasts are central for good policy rules under inflation targeting. Some simple instrumental and …

We use a version of the Fuhrer-Moore model to study the effects of expectations and central bank credibility on the … model that vary according to the way that expectations are formed (rations versus adaptive) and the degree of central bank … central bank may face diminishing returns in its efforts to enhance credibility. …

credibility of the central bank can be considered in assessing the cost of deliberate and opportunistic disinflation. …

The case for an independent central bank is becoming increasingly accepted. This new orthodoxy is based on three … on the inflationary bias of discretionary policy-making; and the empirical academic literature on central bank …. ; Second we present a theoretical model which allows us to consider the optimal degree of inflation aversion of the central …

The information value of central bank announcements of projected future money growth is shown to depend both on the …

This paper takes the parameters in central bank loss functions as fundamental preferences to be estimated from the data … with senior central bank appointments. Optimizing central banks apply policy rules whose feedback coefficients are …

quickly a central bank can recognize shocks and how vigorously it can respond to them. Moreover, in situations when the zero … bound on nominal interest rates does limit the ability of the central bank to stimulate the economy by reducing interest …