The effective Planck mass and the scale of inflation

Observable quantities in cosmology are dimensionless, and therefore independent of the units in which they are measured. This is true of all physical quantities associated with the primordial perturbations that source cosmic microwave background anisotropies such as their amplitude and spectral properties. However, if one were to try and infer an absolute energy scale for inflation—a priori, one of the more immediate corollaries of detecting primordial tensor modes—one necessarily makes reference to a particular choice of units, the natural choice for which is Planck units. In this note, we discuss various aspects of how inferring the energy scale of inflation is complicated by the fact that the effective strength of gravity as seen by inflationary quanta necessarily differs from that seen by gravitational experiments at presently accessible scales. The uncertainty in the former relative to the latter has to do with the unknown spectrum of universally coupled particles between laboratory scales and the putative scale of inflation. These intermediate particles could be in hidden as well as visible sectors or could also be associated with Kaluza–Klein resonances associated with a compactification scale below the scale of inflation. We discuss various implications for cosmological observables.

Inflation Targeting and Output Growth: Evidence from Aggregate European Data

This paper evaluates inflation targeting and assesses its merits by comparing alternative targets in a macroeconomic model. We use European aggregate data to evaluate the performance of alternative policy rules under alternative inflation targets in terms of output losses. We employ two major alternative policy rules, forward-looking and spontaneous adjustment, and three alternative inflation targets, zero percent, two percent, and four percent inflation rates. The simulation findings suggest that forward-looking rules contributed to macroeconomic stability and increase monetary policy credibility. The superiority of a positive inflation target, in terms of output losses, emerges for the aggregate data. The same methodology, when applied to individual countries, however, suggests that country-specific flexible inflation targeting can improve employment prospects in Europe.