Inflation volatility is clearly important for structural analysis, forecasting and policy purposes, yet it is often … monetary policy frameworks. The results of the empirical exercise using a panel dataset suggest that, over the last two decades …, the volatility of in ation was similar among countries, even when controlling for monetary policy activity and other …

. The paper shows that a cautious monetary policy-maker is welladvised to design and implement interest rate policies under …

. The study was undertaken in the context of the review of the ECBu0092s monetary policy strategy in Spring 2003 and … complements an investigation of the consequences of the zerointerest- rate bound for monetary policy-making in the euro area, the …

monetary policy. Standard rational expectations models can have alternative steady states as well as non-unique laws of motion …-Keynesian model, where stability is assured by assuming that Þscal policy turns expansionary at the zero lower bound. …

Announcing a quantitative objective for price developments has become a common practice in modern monetary policy …

rates which was undertaken in the context of the review of the ECBu0092s monetary policy strategy in Spring 2003. Focusing …

and in the 1990s shifted to a medium-term targeting strategy. In this paper I review the SNBu0092s internal policy … money played a key role in setting monetary policy and in communicating the SNB's decisions to the public. Due to the … preemptive policy stance. At the end of 1999, the SNB abandoned monetary targeting in favour of an approach based on inflation …

asymmetry of the policy ineffectiveness induced by the zero bound generates a non-vertical long-run Phillips curve. Output falls …

worker, job creation and job destruction conditional on a shock to monetary policy. Moreover, allowing for variation of the … helps to explain the sluggishness of inflation and the persistence of output after a monetary policy shock. The ability of …