inflation targeting and aggressive use of forward guidance. In contrast to the predictions of conventional macroeconomic theory … inflation, which is consistent with the evidence. As Kuroda (2016) emphasizes, for an economy without a history of inflation … being anchored by a target, individuals need direct evidence that the central bank is capable of moving inflation to target …

inflation targeting and aggressive use of forward guidance. In contrast to the predictions of conventional macroeconomic theory … inflation, which is consistent with the evidence. As Kuroda (2016) emphasizes, for an economy without a history of inflation … being anchored by a target, individuals need direct evidence that the central bank is capable of moving inflation to target …

horizon-dependent biases and lower accuracy than simple unconditional uncertainty forecasts. We examine the inflation …