at the costs of inflation, or the benefits of price stability, in the context of four themes: inflation creates … uncertainty about the future; there are costs of having to cope with inflation; inflation affects equity and fairness; and 'living …This paper surveys the empirical literature on the benefits of low inflation emphasizing contributions since 1990. It …

This paper examines the performance of M1 in an indicator model of inflation over time horizons as long as 16 quarters … the deviations of M1 from its long-run path provide "distant-early-warning" information about the future path of inflation. …

The purpose ot this study is to test the hypothesis that inflation uncertainty increases at higher levels of inflation … conditional variance of the error term to be time-varying. Since this variance is a proxy for inflation uncertainty, a positive … relationship between the conditional variance and inflation would be interpreted as evidence that inflation uncertainty increases …

A vector error-correction Model (VECM) that Forecasts inflation between the current quarter and eight quarters ahead is … found to privide significant leading information about inflation. The model focusses on th effects of deviations of M1 from … output gap and past prices. …

inflation and output dynamics in the United States. In particular, I find that real money balance effects are quantitatively …

effects of inflation. This omission is likely to be important since the welfare costs of inflation depend not only on … inflation such as the U.S. and Canada. For example, in Canada, a systematic review of the current inflation targeting framework … assessing the redistributional effects of inflation in Canada that arise through the revaluation of nominal assets and …

inflation, however, have recently been criticized for their poor forecasting performance. The author investigates the linearity … author finds that the output-inflation relationship does not hold under the current monetary policy of inflation targeting …, with its low and stable inflation. Since the inflation-control targets were adopted, inflation expectations appear to be …

This paper measures the welfare gains of switching from inflation-targeting to price-level targeting under imperfect … higher welfare than inflation targeting. We revisit this issue by introducing imperfect credibility, which is modeled as …

inflation. However, such studies have for the most part focused on linear models, ignoring potential non-linearities between … interest rates and inflation. Using two different non-linear models, we find that the relationship between interest rate yield … spreads and inflation changes for policy-relevant horizons in the United States is most pronounced at negative long …

measured by (1 - k), is positively related to trend inflation, and 2) when prices are sticky, k has significant effects on the …This paper studies the interdependence between fiscal and monetary policy in a DSGE model with sticky prices and non …-zero trend inflation. We characterize the fiscal and monetary policies by a rule whereby a given fraction k of the government …