The implementation of explicit quantitative in°ation targets elucidates the assessment of credibility of future monetary policy. Here the explicit in°ation target is time-varying and stochastic with asymmetric information. It is shown that central bank independence promotes lower in°ation but not at the cost of increased output variability. Marked political instability and instrument dependence...

Seitz and Tödter argue, counter to Svensson, that the P ¤ model provides a rationale for money-growth targeting. In particular, they argue that " money growth targeting is a special form of in ‡ation forecast targeting based on a 'limited' information set. In contrast to 'full information' in ‡ation forecast targeting, money growth targeting is likely to be more robust under changing conditions...

In this paper we extend the Bayesian model fitting shape measurement method presented in Miller et al. (2007) and use the method to estimate the shear from the Shear TEsting Programme simulations (STEP). The method uses a fast model fitting algorithm which uses realistic galaxy profiles and analytically marginalises over the position and amplitude of the model by doing the model fitting in Four...

In the title compound, [Cu(C(17)H(30)N(2)O(2))(C(3)H(7)NO)(2)][SbF(6)](2), which is a potential catalyst in the asymmetric Gosteli-Claisen rearrangement, the Cu atom adopts a distorted cis-CuN(2)O(2) square-planar geometry arising from N,N'-bidentate coordin-ation by the chiral ligand and two O-bonded dimethyl-formamide mol-ecules. Two short C-H⋯O contacts occur within the ligand and two weak i...

We study (weak) log abelian varieties with constant degeneration in the log flat topology. If the base is a log point, we further study the endomorphism algebras of log abelian varieties. In particular, we prove the dual short exact sequence for isogenies, Poincaré complete reducibility theorem for log abelian varieties, and the semisimplicity of the endomorphism algebras of log abelian varieti...

This paper uses a structurally estimatedmacroeconometricmodel, denoted the MC model, to evaluate in ation targeting in the United States. Various interest rate rules are tried with differing weights on in ation and output, and various optimal control problems are solved using differing weights on in ation and output targets. Price-level targeting is also considered. The results show that 1) the...

Price level targeting (without base drift) and in‡ation targeting (with base drift) are compared with persistence in output (generated by sticky prices, for instance). Counter to conventional wisdom, price level targeting results in lower short-run in‡ation variability than in‡ation targeting (if output is at least moderately persistent). Price level targeting also eliminates any average in‡ati...

This paper introduces a new model of trend in‡ation. In contrast to many earlier approaches, which allow for trend in‡ation to evolve according to a random walk, ours is a bounded model which ensures that trend in‡ation is constrained to lie in an interval. The bounds of this interval can either be …xed or estimated from the data. Our model also allows for a time-varying degree of persistence i...

Robert Hill has made a valuable contribution to the conference in a number of respects. First, he has provided a succinct and thought-provoking discussion of the broad range of issues relevant to measuring infl ation. Second, he has highlighted a number of developments that could potentially alter the way in which we measure infl ation. For example, as Robert has explained, a reduction in the m...