The New Keynesian Phillips Curve plays a central role in modern macroeconomic theory. A vast empirical literature has estimated this structural relationship over various post-war full samples. While it is well known that in a standard sticky price model a 'weak' central bank response to...

Brazil has experienced crucial changes in its inflation process since the adoption of inflation targeting in mid 1999. This article addresses changes in the analytical framework employed to track the inflation dynamics, specifically the relevance of an explicit target for inflation. A...

In this speech, Richard Lambert, member of the Bank's Monetary Policy Committee, discusses factors that influence the outlook for inflation. He argues that the low rate of price inflation is not just a UK phenomenon, and reflects structural factors such as globalisation, new technology,...