Doubts continue to be expressed about the net benefits of announcing an explicit inflation objective versus a more balanced set of goals that include an overt concern over real economic developments. This is true even if major central banks that do not explicitly target inflation (e.g., the US...

This paper examines the persistence of inflation in inflation and non-inflation targeting countries. It is shown empirically that inflation persistence has fallen in inflation targeting countries relative to some non-inflation targeting countries. However, it is not possible to determine at...

This study considers the role of the yield curve as a predictor of future interest rates, inflation rates and economic activity for New Zealand. To provide a basis for comparison, data from Australia and the US are also considered. Many studies have shown a strong empirical link between the...

Stylized facts suggest that the monetary policies in the US versus dollar bloc countries that formally target inflation (Australia, Canada, and New Zealand) place somewhat different emphasis on inflation than on other factors (e.g., output gap). We use parameter estimated from versions of models...