expected means of future interest rates, exchange rates and inflation. More recently, these methods have been refined to rely …

with targeting the rate of inflation. Critical advances in the measurement of inflation have proved decisive in bringing …

new conventional wisdom concerning the fiscal roots of inflation and the budgetary prerequisites for generating and … yields ambiguous predictions concerning the response of inflation to an increase in the fundamental deficit. In addition the …

natural rate of unemployment. In addition, because of differential inflation across countries, real exchange rates become …

-2001 had an important impact on inflation divergence within the EMU and in particular the surge in Ireland’s inflation to over … contribute to inflation convergence and in particular to a fall in Irish inflation? Fortunately for us, the theory has passed the … test with flying colours. Irish inflation stopped dead in its tracks: consumer prices were unchanged between May and …

It is often argued that the EMS is an effective disciplinary device for inflation-prone countries in the EEC, since it …-makers in high-inflation countries: the reason is that not only it attaches an extra penalty to inflation (in terms of … inflationary finance, we find that they will always prefer EMS membership. When the policy-maker needs revenue from the inflation …

This Paper studies the behaviour of inflation after nine large post-1990 contractionary devaluations. A salient feature … of the data is that inflation is low relative to the rate of devaluation. We argue that distribution costs and …

Countries that have pursued distortionary macroeconomic policies, including high inflation, large budget deficits and …

We study the effects of Central Bank transparency on inflation and the output gap. We thus first identify a small … analytical model, which concludes that transparency affects the variability of inflation and output and not their average levels … explain however, about 50% of the variability in inflation. The relation between transparency and output volatility is less …

inflation and the difficulties of East European central banks in pursuing non-inflationary policies. The main obstacles are the …