, and time-varying trend inflation using post-WWII U.S. data. The model embedding the stochastic target performs better in … policy aggressiveness and inflation gap persistence. …

rate and the inflation rate. Our estimation method uses real-time data in these rates — as did the FOMC — and requires no a … natural rate of unemployment. Unlike other approaches, our estimation method allows for possible feedback in the relationship … response to a fluctuation in either the unemployment or the inflation rate depended strongly on the persistence of this …

rate and the inflation rate. Our estimation method uses real-time data in these rates - as did the FOMC - and requires no a … natural rate of unemployment. Unlike other approaches, our estimation method allows for possible feedback in the relationship … response to a fluctuation in either the unemployment or the inflation rate depended strongly on the persistence of this …

authorities tried to deliver a low and stable inflation from 1975 onwards, however, the severe adverse supply shocks in the 70s …