perform poorly when knowledge is imperfect. In particular, policies that fail to maintain tight control over inflation are … prone to episodes in which the public's expectations of inflation become uncoupled from the policy objective and stagflation … effective communication of a central bank's inflation objective and of continued vigilance against inflation in anchoring …

inflation differ over time. We show that the impact varies considerably over time, depends on the source of increased liquidity … (M1, M3-M1 or credit) and the underlying state of the economy (asset price boom-bust, business cycle, inflation cycle …

-dependent economies both in temporary inflation and deflation as well as in output expansion and contraction. Compared to an interest rate … Taylor rule a money growth rule is more appropriate to reduce the volatility of the CPI inflation rate whereas just the …

marketoperations. The relationship between the policy rate,expected inflation and consumption growth is affected bymoney market …

, consumption, investment and unemployment) has a distinct dynamic from disagreement about nominal variables (inflation and interest … nominal series. Country-by-country regressions for inflation and interest rates reveal that both the level of disagreement and …

, through the New Keynesian Phillips Curve, lower inflation. While the proposed model does a good job at matching the observed …

employment and hours affecting inflation dynamics via marginal costs. We find that the response of unemployment and inflation to … persistent movements of aggregate inflation. Moreover, the impact of a monetary policy shock on unemployment and inflation …

interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response …

interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response …

employment and hours affecting inflation dynamics via marginal costs. We find that the response of unemployment and inflation to … persistent movements of aggregate inflation. Moreover, the impact of a monetary policy shock on unemployment and inflation …