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 … 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 … role for credit growth (beyond its role in constructing the inflation forecast) would reduce the volatility of output and …

inflation and persistence in output. The key features of our model are those that prevent a sharp rise in marginal costs after …

inflation and persistence in output. The key features of our model are those that prevent a sharp rise in marginal costs after …

inflation and persistence in output. The key features of our model are those that prevent a sharp rise in marginal costs after …

We present a model embodying moderate amounts of nominal rigidities that accounts for the observed inertia in inflation …