correlation between output and inflation appears to be positive and the response of our model economy to a shock is persistent …

monetary policy. Applying this approach to deflationary or near-zero inflation environments is problematic, however, and this … declines in Japanese inflation expectations. Policies undertaken by the Bank of Japan during this period did little to …

that there is substantial interest rate smoothing and central bank primarily responds to inflation (forecast) developments …

through inflation targeting. The ECB aims at a target inflation rate below but close to 2%. However, the diversity among the … each individual member state. Some Eurozone member states experience generally higher levels of inflation and higher … unemployment. On the other side are countries like Germany which are more concerned with maintaining low inflation only. Many …

The Central Bank of Turkey (TCMB) has a significant power on aggregate demand and inflation expectation via monetary …

-separability of the utility function, inflation aversion, nominal transaction frictions). The monograph is organized as follows … market share competition with the assumption that agent?s behavior is characterized by inflation aversion. Chapter IV is … devoted to the GMM estimation of crucial parameters of the inflation-aversion model of the previous chapter. A model featuring …

explain the development of inflation dynamics and the formation process of inflation expectations of households respectively. We …