ABSTRACT. Bhattacharya says that country-specific studies indicate that switching to inflation targeting (IT) has sometimes been followed by a dramatic reduction in inflation. Gavin et al. calculate the term structure of inflation uncertainty in New Keynesian models when the monetary authority adopts the optimal policy. Carlsson and Westermark study the implications for monetary policy in situations where declining nominal wages are not a viable margin for adjustment to adverse economic conditions. Fernald and Neiman assess implications of heterogeneous user costs of capital in the newly industrialized economies (NIEs).



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