Doubts continue to be expressed about the net benefits of announcing an explicit inflation objective versus a more … that do not explicitly target inflation (e.g., the US Fed, the ECB) emphasize the primacy of price stability as the sine … vanguard of the inflation targeting policy strategy, namely Australia, Canada, and New Zealand, and use the resulting estimates …

and actual nominal GDP in the McCallum rule, as well as the output and inflation gaps in the Taylor rule. We find a …

The degree to which explicit inflation targets contribute to the success of price stabilization policies has not been … conclusively established. To assess the impact of announced inflation targets on the effectiveness of monetary policy, we construct … indicators of inflation pressure that allow us to characterize the impact and effectiveness of monetary policy quantitatively. We …