the Generalized Dynamic Factor model to develop a set of core inflation indicators that, combining national data with area …

policy literature. The extent to which these firms adjust their prices to lagged inflation has been taken as fixed. We …

policy. First, I consider whether ignoring money means returning to the conceptual framework that allowed the high inflation … of the 1970s. Second, I consider whether models of inflation determination with no role for money are incomplete, or … evidence for a long-run relationship between money growth and inflation. (Here I give particular attention to the implications …

hyperbolic discounting leads to inflation having significant long-run effects on real variables. …

hyperbolic discounting leads to inflation having significant long-run effects on real variables. …

qualitative and quantitative information on subsequent inflation. The usefulness of monetary analysis is contrasted to weaknesses … in modeling monetary policy and inflation with respectively short-term interest rates and real activity measures. The … analysis sheds light on the recent change in inflation volatility and persistence as well as on the Phillips curve flattening …

, determinacy depends only on the parameters in the interest rate rule and a pure forward or backward-looking inflation target is … inconsistent with determinacy. Monetary policy that embodies the Taylor principle with respect to contemporaneous inflation …

In a simple New Keynesian model, we derive a closed form solution for the inflation persistence parameter as a function … inflation and the output gap, we show that the empirically observed changes in U.S. inflation persistence during the period 1975 …) view that inflation persistence should not be considered a structural parameter in the sense of Lucas. …

In a simple New Keynesian model, we derive a closed form solution for the inflation-gap persistence parameter as a … to inflation and the output gap, we show that the empirically observed changes in U.S. inflation-gap persistence during … Benati’s (2008) view that inflation persistence should not be considered a structural parameter in the sense of Lucas. …