We consider what, if any, relationship there is between monetary aggregates and inflation, and whether there is any … paribus unitary relationship between inflation and money growth. Simulations of a New Keynesian model suggest that we should … allowance needed for the phase shift in the relationship between monetary growth rates and inflation. While financial innovation …

We consider what, if any, relationship there is between monetary aggregates and inflation, and whether there is any … paribus unitary relationship between inflation and money growth. Simulations of a New Keynesian model suggest that we should … allowance needed for the phase shift in the relationship between monetary growth rates and inflation. While financial innovation …

average rates of money creation (or inflation) and policy responsiveness to cyclical disturbances, it is entirely feasible for …

Should central banks, because of the zero-lower-bound problem, raise their inflation-rate targets? Several arguments … are relevant. (1) In the absence of the ZLB, the optimal steady-state inflation rate, according to standard New Keynesian … currency is feasible (even arguably attractive) and would remove the ZLB constraint on policy. (5) Increasing target inflation …

aggregate or an index of inflation. The main objective is to develop new results concerning the possible desirability of nominal …

— with the most prominent contenders including price level, nominal income, and hybrid (inflation plus output gap) variables … — together with the issue of growth-rate vs. growing-level target path specifications. One conclusion is that inflation and …

to achieve macroeconomic goals for the economyfs inflation rate and output gap. Estimates of a policy rule of the Taylor …. That this rule reflects policy that is much like inflation targeting is evidenced by the absence of any significant role … for the real exchange rate as a distinct target variable in addition to inflation and the output gap. Simulations with a …

so as to achieve macroeconomic goals for the economyfs inflation rate and output gap. Estimates of a policy rule of the … interpretation. That this rule reflects policy that is much like inflation targeting is evidenced by the absence of any significant … role for the real exchange rate as a distinct target variable in addition to inflation and the output gap. Simulations with …