that the inflation bias can persist even when the central bank commits. A simple model is presented in which the central … bank precommits by setting the policy instrument, and the subsequent adjustment of inflation expectations is part of the … transmission mechanism. Generally there is still an inflation bias, despite the absence of a time-inconsistency problem. It is …

. inflation anchoring properties. This layout is then confronted with the policy framework in use in the euro area prior to the … dis-anchoring of long-term inflation expectations experienced in the euro area since 2013, however, suggests that the … policy framework could benefit from a rebalancing towards a formulation with stronger anchoring properties. The inflation aim …

This paper studies the importance of money for inflation in the euro area. An inflation …

low-inflation policies that have been adopted by a number of central banks in recent years. This credibility problem is … particularly severe for those countries that have a history of high inflation. Gaining credibility is often viewed in the context … aspect of credibility--at least for long-term inflation expectations--may be public views about how future changes in …

The paper examines a wide variety of models forecasting inflation, consumer survey, professional survey, judgmental … mark a return to inflation below central bank targets, but there is no visibility for timing of this development …

Modern monetary policy focuses on credibility and shaping consumers' inflation expectations. According to the concept … of inflation forecast targeting (IFT), inflation forecasts play a crucial role in the instrument rate decision …-making process and may be a specific intermediate target. The aim of the study is to analyse the credibility of inflation forecasts …

This paper investigates the impact of ECB communication of its assessment of the economic outlook on ex-ante inflation … forecasts of inflation) but also makes forecasters less uncertain about their own beliefs, thus reducing ex-ante average … individual uncertainty. By combining and exploiting these types of ex-ante inflation uncertainty, results suggest that central …

We propose to regard the central banker as a risk manager who aims to contain inflation within pre-specified bounds. We …

We construct an empirical test of whether the anticipation of adoption of inflation targeting affects the inflation … rate. We observe that most of the central banks adopt the regime after first achieving significant disinflation. With pre-inflation …-in-difference framework. We find that inflation targeting is successful in locking-in already low inflation rather than reducing high …