1974–2008. We find, first, that newly appointed governors fight inflation more aggressively during the first four to eight … quarters of their tenure in an effort to establish a reputation for being inflation averse. Second, we find a significantly … stronger reaction to inflation by newly appointed governors working within monetary policy frameworks comprised of an at least …

before the Great Inflation. They also suggest that quantities of money and credit can play a greater role than their prices …

overly sensitive to monetary policy shocks, and that this is consistent with a model where long-term inflation expectations … are not anchored because agents must infer the central bank's inflation target from noisy interest rate movements. Using … inflation target - imperfect information about the target plays only a small role in un-anchoring expectations in their model …

) for the design of monetary policy in Japan. Similar to findings in other studies, targeting rates of inflation lower than … that respond strongly to stabilize output and inflation, or that incorporate some explicit price-level component, can help …

impact of the zero bound on the effectiveness of interest rate policy in Japan in terms of stabilizing output and inflation …