predictive power of the monetary aggregate M3 for inflation in recent years. This paper reassesses the information content of … monetary analysis for future inflation using dynamic factors extracted from a new and richer cross-section of data including … inflation forecasts turn out to be more accurate than those produced by traditional competitor models at the relevant policy …

This paper examines the performance of inflation forecast feedback rules in a two-sector, calibrated model of the U ….K. economy. Under such rules, the interest rate responds to the deviation of the unchanged-interest-rate forecast of inflation … from the inflation target. We find that this procedure may produce a high degree of nominal and real stability, even …

Since the early 2000s, inflation in Russia has never fallen below 6%, except for brief intervals following the major … expectations have posed a challenge to the Bank of Russia in setting its 4% inflation targeting course. A further complication was … constitute the basis for understanding inflation developments in Russia: first, companies' and consumers' perceptions of (or …

-term interest rate into an expected inflation and an ex-ante real interest rate component. The latter may be a useful indicator of … rate series and the stationary component of the real interest rate is estimated and shocks to expected inflation and the ex …-ante real rate are identified using the long-run restriction that only shocks to expected inflation have long-run effects on the …