the currency equivalent and Divisia index techniques of monetary aggregation. We employ a graphical approach to …

the inflation rate, the deviation in real GDP (Gross Domestic Product), the deviation in money supply, the deviation in … weight to the deviation in unemployment rate, and moderate weights are assigned to the deviation in the inflation rate, the …

In 1991, Canada became the second country to adopt an inflation target as a central pillar of its monetary policy … performance: (i) the simple, readily understood and consistently applied specification of the inflation target, which, since … agreement between the central bank and government, in which inflation control was recognized as a joint duty of both parties …

economy's determinacy properties. In particular, correct inference about the interest-rate response to inflation provides no …

In a simple New Keynesian model, we derive a closed form solution for the inflation-gap persistence parameter as a … to inflation and the output gap, we show that the empirically observed changes in U.S. inflation-gap persistence during … Benati's (2008) view that inflation persistence should not be considered a structural parameter in the sense of Lucas …

This note identifies supply factors, particularly the exchange rate, as key drivers of inflation in South Africa …. Demand factors play a negligible role, with a flat Phillips curve apparent since the inception of the country's inflation … targeting regime. The Phillips curve flattened further with the Global Financial Crisis, which suggests that inflation is now …

output uncertainty affects the optimal rate of inflation. When money only serves as savings instruments, I find that the … level of optimal inflation rate in this case …

sectors, this paper investigates the performance of inflation targeting and price-level targeting when the zero lower bound on … hitting the lower bound is lower under price-level targeting than inflation targeting, with 'lower bound episodes' being less …-level targeting than inflation targeting. Third, the lower frequency and severity of lower bound episodes under price-level targeting …

qualitative and quantitative information on subsequent inflation. The usefulness of monetary analysis is contrasted to weaknesses … in modeling monetary policy and inflation with respectively short-term interest rates and real activity measures. The … analysis sheds light on the recent change in inflation volatility and persistence as well as on the Phillips curve flattening …

A central bank pursuing the policy of inflation targeting aims to keep inflation as close as possible to a pre …-announced value. But which 'inflation' should this be? Quarterly, annual, biennial? In theoretical models it is typically inflation … during one period. We analyze how changing the period over which the inflation rate is defined - i.e. changing central bank …