nominal interest rates, even when agents believe that the central bank will eventually attain its long-run, positive inflation … target. This illustrates that a credible long-run inflation target does not render the Taylor principle sufficient for …

This background note considers how competition contributes to lower inflation, despite its unsuitability as a short …-term anti-inflationary tool. It explains why competition is important for optimal inflation and summarises some of the empirical … evidence of this relationship. It then considers how inflation affects competition, for example by creating conditions for …

payment mechanisms can robustly explain major facets of the long run inflation experience. A negative inflation …. Undisclosed previously, this link helps fill out the intuition of how the inflation experience can be plausibly explained in a …

eventually attain its long-run, positive inflation target. This illustrates that a credible long-run inflation target does not … level targeting does restore determinacy providing agents believe that inflation will eventually be positive. …

payment mechanisms can robustly explain major facets of the long run inflation experience. A negative inflation …. Undis-closed previously, this link helps fill out the intuition of how the inflation experience can be plausibly explained …