long run Phillips curve recorded -0.75 in Sweden and -0.23 in the United States. While the average inflation rate in the … United States was very close to its targeted level, the average inflation rate in Sweden was 0.6 per- centage points below … its targeted level over the sample period. The deviation of inflation rate from its targeted level in Sweden resulted in …

Inflation targeting is shown to imply inflation forecast targeting: the central bank's inflation forecast becomes an … explicit intermediate target. Inflation forecast targeting simplifies both implementation and monitoring of monetary policy …. The weight on output stabilization determines how quickly the inflation forecast is adjusted towards the inflation target …

**The following is a description of the paper and not the actual abstract.** Inflation targeting is shown to imply … inflation forecast targeting: the central bank's inflation forecast becomes an explicit intermediate target. Inflation forecast … quickly the inflation forecast is adjusted towards the inflation target. Money growth or exchange rate targeting is generally …

In the summer of 2010, the Federal Reserve's and the Swedish Riksbank's inflation forecasts were below the former …'s mandate-consistent rate and the latter's target, respectively, and their unemployment forecasts were above sustainable rates …

exceed benefits rely critically on assumptions about the change in unemployment in a recession or crisis, the crisis …

unemployment rate has been about 0.8 percentage points higher than if average inflation had been on target. This is a large … unemployment cost of undershooting the inflation target …If inflation expectations become firmly anchored at the inflation target even when average inflation deviates from the …