We examine the global dimension of inflation in 24 OECD countries between 1980 and 2007in a traditional Phillips curve … affect inflation through (the common part of) domestic demand and supplyconditions. Our most important result is that the … common component of changes in unit laborcosts notably affects inflation. We also find evidence that movements in import …

relative-price changes on inflation fluctuations. Therelative price of the flexible-price good represents a shift parameter of … the NewKeynesian Phillips curve. The optimal monetary policy is to target sticky-price inflation,rather than a broad … inflation measure... …

We describe a behavior of a central bank when its measures of current inflation and outputare subject to measurement … rateresponds to the central bank’s estimates of both current inflation and output gap, as advocatedby Taylor (1993)... …

Several authors have documented a reduced variability ofoutput and inflation in the United States since the beginningof … standarddeviation of quarterly output growth has fallen 30 percent,while the standard deviation of inflation has decreased morethan 40 … percent. These changes in the time series properties ofoutput and inflation raise a number of important questions …

priorpostwar experience.1 Inflation also stabilized around then(although only when compared with a shorter period ofvolatility in … output and inflation volatility; othershave attributed the decreased volatility of GDP to a reductionin the size of the … policy in stabilizing output, althoughpolicy remains the likely source of reduced inflation volatility... …

depends on the actual inflation outcome, which maydiffer from expectations at the time the TIPS investment wasmade because …

[...]This article provides a systematic evaluation of severalproposed measures of U.S. core inflation: the popular ex … on inflation measures that are likely goals for U.S.monetary policy, namely the consumer price index (CPI) andthe … personal consumption expenditure (PCE) index. Toevaluate the core measures of inflation, we select criteria thathave been used …