inflation, economic fluctuations, and welfare. It is the backbone of the new generation of medium-scale models under development … at major central banks and international policy institutions, and provides the theoretical underpinnings of the inflation …, the implications for monetary policy are addressed, with a special emphasis on the desirability of inflation targeting …

inflation, economic fluctuations, and welfare. It is the backbone of the new generation of medium-scale models under development … at major central banks and international policy institutions, and provides the theoretical underpinnings of the inflation …, the implications for monetary policy are addressed, with a special emphasis on the desirability of inflation targeting …

unanticipated shocks of equal size news shocks behave in a welfare-enhancing manner, and (2) purely history-dependent monetary … policy rules do not constitute an effective monetary instrument to keep welfare losses to a minimum. …

Phillips curve, is also assessed in the light of his own preference, which he shared with Keynes, for a pragmatic Marshallian …

A review of the various primary measures of inflation with a particular reference to the divergence between WPI and CPI …. Focus is also given on different secondary (derived) measures of inflation, particularly core inflation, and end the …