The paper describes an inter-country model developed on the New Keynesian Phillips curve principle for the economies of Belarus, Russia and Ukraine. Technically the modelling idea has been grounded within the concept of the infinite dimensional vector autoregressive models by Chudik and Pesaran...

This paper proposes a new indicator of the expected real effects of an inflation-targeting monetary policy. This indicator can be derived from a simple two-dimensional vector autoregressive model of inflation and the output gap. A simulation experiment illustrates its rationale for timing...

Ninety-three world-wide inflation series are tested for unit roots. Treating the data series' innovations as draws from a symmetric stable distribution, with possibly infinite variance, reduces the number that appear stationary.

This paper analyses the predictability of a hypothetical market with freely negotiated prices on which exists a censoring of one-period returns which are in excess of an arbitrary level ('floor' and 'ceiling'). It is shown that the expected value of returns (adjusted for drift) conditional on...

This article examines the relationship between the ‘exclusion’ type Core Inflation (<italic>CI</italic>) measures and the stability price index. Empirical results for Malaysia and Pakistan suggest that if targeting <italic>CI</italic> index is to stabilize output, weights of the export-oriented sectors (energy for Malaysia...