output and real-rate gaps can be represented in a parsimonious and practical manner using the theory of anelasticity that …

, and time-varying trend inflation using post-WWII U.S. data. The model embedding the stochastic target performs better in … policy aggressiveness and inflation gap persistence. …

, effective revenue ceilings induce an increase in deficit, debt and inflation. Under many scenarios, including recurrent adverse …

This paper studies monetary policy rules in a small open economy with Inflation Targeting, incomplete pass-through and …

This paper provides the algebra and a panel diagram to attempt to examine the so-called inflation- unemployment (or …

of the capital stock back to the steady state that requires high interest rate, low inflation and large recession. The … has to create high inflation and small recession. Depending on the private sector's beliefs about the course of future … policy one of these regimes prevails. These results imply that even a high relative weight on inflation stabilisation in …

inflation bias as monetary policy tries to exploit nominal wage contracts to address labour-market distortions Although an … inflation target eliminates this inflation bias, it creates a conflict between monetary policy and discretionary fiscal policy …

inflation bias as monetary policy tries to exploit nominal wage contracts to address labour-market distortions. Although an … inflation target eliminates this inflation bias, it creates a conflict between monetary policy and discretionary fiscal policy …