. This paper provides a new way of assessing the credibility of monetary policy by analyzing the dispersion of inflation …-unemployment observations over time. In this way, we may reveal whether the short run Phillips curves have shifted due to changes in inflation … expectations. This way of analyzing the anchoring of inflation expectations is both simple and free from ambiguities that are …

inflation, particularly in the 1970s, and the choice of an exchange rate regime consistent with domestic monetary and fiscal … reminiscent of the global inflation generated by the weak dollar in the 1970s. -- Inflation ; Exchange Rates ; Macro Policies …

. Deflation subsided by 2005. As soon as inflation appeared to stabilize near a rate of zero, the Bank of Japan rapidly reduced …

economists to engage with Phillips' famous unemployment/wage-inflation analysis, now referred to as the Phillips curve. They … formulated the first unemployment/price-inflation version of the Phillips curve and were the first to interpret the Phillips … careful reconstruction and assessment of their original formulation, documenting the close relationship between the wage-inflation …

In closed or open economy models with complete markets, targeting core inflation enables monetary policy to maximize … is high. We develop an open economy model with incomplete financial markets to show that headline inflation targeting … headline inflation, assigns zero weight to import prices. …

compares price inflation before the crisis with the necessary and actual price cuts that have taken place since the outbreak of … the crisis, predicting a decade of stagnation for the south and inflation for the north. Keynesian demand policy is … steered to uses they are keen to avoid. -- competitiveness ; inflation ; realignment ; Keynesian policy …

This paper studies monetary policy rules in a small open economy with Inflation Targeting, incomplete pass-through and …

. After deriving the restrictions that the Barro and Gordon model imposes on a time series model for inflation and output, we … show that the time inconsistency problem can explain both the short-run and the long-run behaviour of inflation and output …

Over the last quarter of a century, inflation targeting has become a popular monetary regime. Nevertheless, empirical … decision and thus needs to be properly instrumented. In this paper, we show that preferences over inflation constitute a … crucial determinant of IT: countries exhibiting greater inflation aversion are more likely to adopt IT …