changed central banking in many ways: by shifting the focus of monetary policy from fighting too high inflation towards … fighting too low inflation; by prompting new ‘experimental’ non-conventional measures, which risk to cause large, long …

changed central banking in many ways: by shifting the focus of monetary policy from fighting too high inflation towards … fighting too low inflation; by prompting new ‘experimental’ non-conventional measures, which risk to cause large, long …

perfect competition on product markets and that inflation is chosen directly by the monetary authority. Although these …, prices are set by firms and that the monetary authority affects the price level and inflation by determining the money supply … firms and that the monetary authority affects the price level and inflation indirectly through its choice of money supply …

markets, and central bank conservativeness. Economic performance is characterized by unemployment, inflation, real wages and …

Recent empirical studies show that sacrifice ratios calculated during periods of inflation stabilization are usually … higher CBI is positively associated with the probability that preannounced inflation targets will be delivered, this paper …

relation between CBI and the performance of the economy. Section 3 discusses lessons from stabilization of inflation, reviews … price stability. The section discusses the risks associated with flexible inflation targeting, issues of accountability and …

The Kydland-Prescott, Barro-Gordon inflation bias result relies on the presumption that policymakers aim at achieving a … of realism. We show that even if policymakers are content with the normal level of employment there is an inflation bias … employment below the normal level than to policy misses leading to employment above it. This new view of the inflation bias …