We argue that the Great Inflation experienced by both the United Kingdom and the United States in the 1970s has an … common doctrine underlying the systematic monetary policy choices in each country. The nonmonetary approach to inflation …

This paper estimates a variety of models of inflation using quarterly data for the UK between 1965 and 2001. We find … that the persistence of inflation is nonlinear since inflation adjusts more rapidly when prices are further from the steady … unreliable in periods of macroeconomic stress, when inflation adjusts more rapidly. Our findings suggest a need for a more …

This paper reports a two-stage analysis of inflation persistence using monthly data from 11 IT countries and, for … comparison, the US, a non IT country with a history of credible monetary policy. First, we estimate inflation persistence in a … inflation persistence. We use the sequences of estimated persistence measures from the first stage as dependent variables in the …

-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a … breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the past 50 years … unemployment on inflation,for given expected inflation, decreased until the early 1990s, but has remained roughly stable since then …

This paper analyzes the performance of central banks in 27 inflation targeting countries by examining their success in … achieving their explicit inflation targets. For this purpose, we decompose the inflation gap, the difference between actual … inflation and inflation target, into predictable and unpredictable components. We argue that the central banks are successful if …

-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a … breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the past 50 years … unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since …

-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a … breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the past 50 years … unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since …

This paper examines whether the clarity of central bank communication about inflation has changed with the economic … environment. We use readability statistics and content analysis to study the clarity of communication on the inflation outlook by … explaining their policies when faced with higher uncertainty or a less favorable inflation outlook. The global financial crisis …

fiscal stance and inflation using crosscountry data from 1965 to 1999. In a first step, we contrast the monetary … that the low-frequency relationship between the fiscal stance and inflation is low during periods of an independent central … illustrate the mechanisms through which fiscal actions affect inflation in the long run. The findings from the DSGE model suggest …