This paper conducts a structural analysis of inflation persistence in the United Kingdom between 1965-2009. I allow for … and stochastic shock volatility. The first policy regime responds passively to movements in inflation, adjusting the … other regime responds actively to inflation and places less weight on exchange rate movements. This regime is present for …

We argue that the Great Inflation experienced by both the United Kingdom and the United States in the 1970s has an … common doctrine underlying the systematic monetary policy choices in each country. The nonmonetary approach to inflation …

In 1991, Canada became the second country to adopt an inflation target as a central pillar of its monetary policy … performance: (i) the simple, readily understood and consistently applied specification of the inflation target, which, since … agreement between the central bank and government, in which inflation control was recognized as a joint duty of both parties …

Since 1990, a number of countries have adopted inflation targeting as their declared monetary strategy. Interpretations … of the significance of this movement, however, have differed widely. To some, inflation targeting mandates the single …-minded, rule-like pursuit of price stability without regard for other policy objectives; to others, inflation targeting represents …

System). In the second part, we present a theory of central bank accountability. Two aspects of accountability are considered … accountability through transparency leads to a lower expected rate of inflation and less stabilization of supply shocks … Japan, Bank of England und Federal Reserve System). Im zweiten Teil stellen wir eine Theorie über die Rechenschaftspflicht …