Average Inflation Targeting: Time Inconsistency And Intentional Ambiguity

Inflation Bias, Time Inconsistency of Monetary and Fiscal Policies and Institutional Quality

In developing countries, weak institutional quality can increase the probability of applying discretionary policies and can have a great impact on their double-digit inflation. Surico (2008) calculated inflation bias, but he considered just monetary policy and he did not pay attention to the institutions. Therefore, we design a model which considers the discretion in monetary and fiscal policie...

Inflation Targets and Inflation Targeting

There is widespread agreement that price stability (in practice, low and stable inflation) should be an objective of monetary policy. This agreement is reflected both in the mandates set for monetary policy by governments and in the practice of central banks. Several other important questions about the objectives for monetary policy are less settled: Should there be other objectives? If there a...

Time-varying inflation targeting after the nineties☆

Article history: Received 1 December 2011 Received in revised form 9 July 2013 Accepted 10 July 2013 Available online 20 July 2013 This paper provides empirical evidence on monetary policy making for the US, the UK and the EMU using the decomposition in persistent and transitory monetary shocks proposed in Andolfatto, Hendry, and Moran [Journal of Monetary Economics 55 (2008) 406–422]. We use t...

Inflation Band Targeting and Optimal Inflation Contracts

Detecting Intentional Lexical Ambiguity in English Puns

The article describes a model of automatic analysis of puns, where a word is intentionally used in two meanings at the same time (the target word). We employ Roget’s Thesaurus to discover two groups of words, which, in a pun, form around two abstract bits of meaning (semes). They become a semantic vector, based on which an SVM classifier learns to recognize puns, reaching a score 0.73 for F-mea...