terms of the intended path for inflation while involving costs in terms of risks and side effects that need to be balanced …

negatively correlated with inflation and inflation variance across countries. But the cross-country approach has been criticised … economy, higher output and somewhat lower inflation. We also investigate the interaction between the central bank and the …

1970s' United States would not have prevented the Great Inflation. We show that a standard policy counterfactual suggests … that the Bundesbank – which is near-universally credited for sparing West Germany the Great Inflation – would also not have … been able to prevent the Great Inflation in the United States. The sheer implausibility of this result sounds a cautionary …

Several empirical studies have suggested that the Bundesbank has pursued inflation targets rather than monetary targets …, the significance of this coefficient drops to 10 percent. By contrast, deviations of the inflation rate from the inflation …. This result holds regardless of whether the lagged or the currently expected inflation rate is employed. The results are …