low but still positive rates of inflation, provides an adequate approximation in welfare terms to the alternative of …

The Shadow Open Market Committee was formed in 1973 in response to rising inflation and the apparent unwillingness of U … favored by the Shadow would have lowered inflation with less impact on output growth and less variability in inflation or … outperformed the policies actually implemented by the Federal Reserve during the Great Inflation era …

to improved monetary performance: 1) there is no long-run tradeoff between output (employment) and inflation; 2 …) expectations are critical to monetary policy outcomes; 3) inflation has high costs; 4) monetary policy is subject to the time …

helps explain the well known puzzle that fundamental variables such as relative money supplies, outputs, inflation and …

framework that allowed the high inflation of the 1970s. Second, I consider whether models of inflation determination with no … monetary policy strategy of the empirical evidence for a long-run relationship between money growth and inflation. And fourth …, I consider reasons why a monetary policy strategy based solely on short-run inflation forecasts derived from a Phillips …

of macroeconomic policymaking in Bolivia since the 1952 Revolution. Great stress is put on the weakness of fiscal … characteristics of Bolivia's international trade, focusing both on structural features (e.g., the heavy dependence on a small number … dynamics of the hyperinflation during 1982-85, focusing on the complex causal links among the budget deficit, the money supply …

By any standard, Bolivia's economic crisis in the 1980's has been extraordinary. Like its neighbors. Bolivia suffered … from major external shocks, but the extent of economic collapse in the face of these shocks (including a hyperinflation … during 1984-85) suggests that internal factors as well as external shocks have been critical to Bolivia's poor economic …

stable inflation behavior will be generated -- is incorrect. This is because New Keynesian (NK) models are typically … consistent with the existence of RE paths with explosive inflation rates (in addition to one or more stable paths) that normally … imply the absence of explosive inflation. That result does not, however, justify negative conclusions about NK analysis. For …