, based on a panel of four biggest Central European countries (the Czech Republic, Hungary, Poland and Slovakia) confirm …

monetary and credit aggregates are very often selected among the top predictors of inflation, with their predictive power … and credit variables in forecasting inflation, even if their information content is diluted in a much broader pool of …

Inflation expectations constitute a subject of particular contemporary interest to central banks, especially those … pursuing a monetary policy based on a strategy of direct inflation targeting. Macroeconomic theory indicates that the … to properties of inflation expectations. Qualitative data on inflation expectations, as obtained from surveys, can be …

socially optimal allocation requires a commitment to inflation. We illustrate this idea through a nominal version of the …

Inflation targeting is implemented in different ways - most often by adopting point targets, by having tolerance bands … target types affect the anchoring of inflation expectations at shorter horizons differently. It tests two contradictory …. This suggests that there are some benefits to adopting intervals, but the central bank can anchor inflation expectations …

Standard New Keynesian (NK) models feature an optimal inflation target well below two percent, limited welfare losses …-run Phillips curve between inflation and unemployment and a trade-off between price distortions and output hysteresis that change … the welfare-maximizing inflation level. For a plausible set of parameters, the optimal inflation target is in excess of …

. Quantitative goals take three forms: exchange rates, money growth rates, and inflation targets. We analyze the effects on inflation … determinants of inflation (such as fiscal policy, the business cycle, and openness to international trade), and the endogeneity of … systematically and robustly associated with lower inflation. The exact form of the monetary target matters somewhat (especially for …

This paper attempts at characterising South Korean monetary policy in the period of explicit inflation targeting … estimated to include negligible weights on output and exchange rate variability. -- Inflation targeting ; optimal monetary …

determination of the central bank to leave unchanged its longterm inflation objective in the face of inflationary shocks. The … magnitude of private sector learning has been calibrated to match the volatility of US inflation expectations at long horizons …. Given such illustrative calibrations, we find that the costs of maintaining a given inflation volatility under weak …

inflation target, to March 2007. We also investigate several model-based methods of estimating forward term premia, in order to …