nominal interest and inflation rates. For close to a decade the principal focus of monetary policy has been on inflation … consideration, but at other times inflation control has been the major objective. We argue that this concentration on inflation has …

This paper considers the existence of a path of GDP corresponding to steady inflation in the prices of domestic goods …. We estimate the steady inflation rate of growth, denoted the SIRG, at a little over 4 per cent per annum in the post …-float period. Changes in inflation are modelled as a nonlinear combination of growth and changes in import price inflation. Because …

central banks to control inflation within their borders, at least in the absence of coordination of policy with other central … the ability of monetary policy to control inflation: by making liquidity premia a function of 'global liquidity' rather … to control the dynamics of inflation. …

at containing inflation and the deviation of output from potential within pre-specified bounds. We develop formal tools … of risk management that may be used to quantify the risks of failing to attain that objective. Risk measures inherently … assumption of quadratic symmetric preferences, while being congruent with a risk management model. We show how the parameters of …

indicator and forecasting properties of the real interest rate gap for inflation, both in the model and in the data. Our results … suggest that the real interest rate gap has value as an inflation indicator, supporting the ‘neo-Wicksellian framework …

The paper advances a simple and tractable Wicksellian model of inflation, in which the price level is determined by the …

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

situation poses to price stability. We propose to regard the central banker as a risk manager who aims to contain inflation … within pre-specified bounds. We develop formal tools of risk management that may be used to quantify and forecast the risks …

We investigate both the rational explosive inflation paths studied by McCallum (2001), and the classification of fiscal …

countries with low inflation, the raw relationship between average inflation and the growth rate of money is tenuous at best … elasticities implied by theories of Baumol-Tobin and Miller-Orr. Finally, the sample after 1990 shows considerably less inflation … variability, worsening the fit of a one-for-one relationship between money growth and inflation, and generates a fairly low …