This paper examines the methods used by the Bank of Japan for the estimation of the …

This paper examines the methods used by the Bank of Japan for the estimation of the output gap. Attention is paid to … and disadvantages of the various output gap measures. First, I examine the usefulness of the output gap for inflation …

A number of recent studies have suggested that activist stabilization policy rules responding to inflation and the … output gap can attain simultaneously a low and stable rate of inflation as well as a high degree of economic stability. The …

interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response … policymakers at the time. -- Inflation ; Price Stability ; Monetary Policy ; Monetary Targeting ; Policy Rules …

interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response … policymakers at the time. -- Inflation ; Price Stability ; Monetary Policy ; Monetary Targeting ; Policy Rules …

interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response … policy-makers at the time. -- Inflation ; Price Stability ; Monetary Policy ; Monetary Targeting ; Policy Rules …

-looking specifications, especially when targeting core components of GDP and inflation, and combine the best parts of efficiency and …

interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response …

. Even if monetary policy is found to react only mildly to inflation pre-Volcker, the substantial degrees of bounded …