interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response …

Inflation persistence or ‘inertia’ has important consequences for monetary policy. Inflation which does not get … influence on inflation persistence by its credibility and responses in the face of inflationary shocks. In this study, we use a … flexible, time-varying parameter approach to analyze inflation persistence in the United Kingdom and United States during 1880 …

This paper investigates monetary policy and basic macroeconomic relationships involving output, inflation rate …, interest rate, and money in Brazil. Based on a vector autoregressive (VAR) estimation, it compares three different periods …: moderately-increasing inflation (1975-1985), high inflation (1985-1994), and low inflation (1994-2000). The main results are the …

fiscal stance and inflation using cross-country 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 …

when the gap between observed inflation and the inflation target (lagged once) is positive, but it does not reduce the Bank … inflation target rather than in reducing inflation excessively. The forecasting performance of the model, both within and beyond …

presidential election campaign in Brazil. Moreover, the Brazilian monetary policy exhibits nonlinear patterns that better captures …

either the inflation or the output gap varies in terms of magnitude and/or statistical significance across the high and low … inflation regimes in all countries. In particular, the exchange rate has an impact in the former but not in the latter regime …

either the inflation or the output gap varies in terms of magnitude and/or statistical significance across the high and low … inflation regimes in all countries. In particular, the exchange rate has an impact in the former but not in the latter regime …