the face of unexpected disturbances and the choice of a price level versus an inflation objective. Using a small estimated … generally greater than that for an inflation objective; 3) Even if society cares about inflation stabilisation (rather than the … stabilisation of the price level), it often pays to give the central bank a price level objective (rather than an inflation …

, except in the case of a certain class of policies (called 'Ricardian' policies). The role of fiscal developments in inflation …

the current monetary regime, flexible inflation targeting, provided a relatively stable monetary environment. Although the … success of flexible inflation targeting poses new challenges for the implementation of monetary policy because the trend … decline in inflation was associated with a trend decline in nominal interest rates. …