target in order to sustain higher output via surprise inflation. If market participants discover the time-inconsistency, they … inflation as one component of future real wages. This paper scrutinizes whether countries in CEE that officially announce an … inflation target are tempted to act time-inconsistently and switch from the announced inflation target to an exchange rate …

appreciating that were put in place in 2013. I focus its on the impact on output, unemployment, and inflation. I use the synthetic … commitment. I find that, until the end of 2015, the commitment helped create about 100,000 jobs. The effect on overall output is … connected to disturbances created by changes in excise taxes. The effect of the commitment on inflation is positive but not …