inflation strongly and persistently, (ii) lead to statistically weak negative effects on activity, (iii) contributed to … having a stronger effect on inflation expectations. Quantitatively, increasing political pressure by half as much as Nixon …

public finances. We show that when the ECB misses its inflation target this has large heterogeneous fiscal consequences for … missing their inflation targets. They are also sizeable …

prolonged period of low inflation in the euro area. This article offers a narrative of the monetary policy measures taken up to …

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 …

’ inflation expectations to their own lagged forecasts as well as proxies for the rational expectation forecasts. The model builds … in inflation expectations extensively documented in the literature. We estimate the model using data from two important … Survey of Consumer Expectations. We find that inflation expectations appear to correlate more strongly to measures of …

microdata, and inflation responses are decomposed into “intensive”, “extensive”, and “selection” margins. Money growth and …