to alternative policy assumptions and supports that the model may be regarded as structural in a stable low inflation …

to alternative policy assumptions and supports that the model may be regarded as structural in a stable low inflation …

Variable and high rates of price inflation in the 1970s and 1980s led many countries to delegate the conduct of … central banks also adopted an explicit inflation target to further strengthen credibility and facilitate accountability. One …-run inflation target, an important question is whether its heavy focus on resource utilization can be justified. The authors …

weight on measures of economic activity, sometimes even larger than the weight on inflation. Two main factors drive our … features mitigated inflation distortions due to a low elasticity of substitution between monopolistic goods and a low interest … trade-off between stabilizing inflation and resource utilization, and also when imposing a moderate degree of interest rate …

This paper studies the trade-offs between stabilizing CPI inflation and alternative measures of the output gap in … finding is that the trade-off between stabilizing CPI inflation and the output gap strongly depends on which concept of …

both on the duration of the zero lower bound and on features that determine the responsiveness of inflation. …

function involving output and inflation gaps, increasing core spending would generate substantial welfare improvements …

to alternative policy assumptions and supports that the model may be regarded as structural in a stable low inflation …