According to the game-theoretic model of monetary policy, inflation is the consequence of time-inconsistent behavior of … the monetary authority. The inflation bias can be eased by handing over the responsibility for monetary policy to an …

, however, was the expansionary policy that led to a boom and too high inflation. There is no question that high inflation in … the long run is caused by high money growth; the empirical evidence in favor of the quantity theory of money is … overwhelming. Inflation reduces economic growth considerably if it exceeds a certain level. At rates below 10 percent, the negative …

In a closed economy context there is common agreement on price inflation stabilization being one of the objects of … monetary policy. Moving to an open economy context gives rise to the coexistence of two measures of inflation: domestic … inflation (DI) and consumer price inflation (CPI). Which one of the two measures should be the target variable? This is the …

Monetary policy rules have been considered as fundamental protection against inflation. However, empirical evidence for … a correlation between rules and inflation is relatively weak. In this paper, we first discuss likely causes for this …

This paper shows that inflation in industrialized countries is largely a global phenomenon. First, inflations of (22 … associated to Global Inflation is not only due to the trend components of inflation (up from 1960 to 1980 and down thereafter …) but also to fluctuations at business cycle frequencies. Second, Global Inflation is, consistently with standard models of …

There is a broad consensus among economists that, in the long run, inflation is a monetary phenomenon. However … inflationary processes. Moreover, impulses from monetary policy actions are transmitted to inflation through the output gap alone …. Interest rate impulses affect inflation through two channels, the output gap and the liquidity gap. Section 2 of the paper …

against unfavorable aggregate shocks. The feasibility of the interest rate policy requires a minimum rate of trend inflation … optimal interest rate policy and the optimal long-run inflation rate. …

Post Keynesian theory as opposed to Walrasian theory does not provide the foundations for a unique general equilibrium … participation theory of economic policy based on market constellations may help to bridge the gap between nomocratic policy denial …

increase in conservatism triggers two opposite effects. It reduces the inflation bias of discretionary monetary policy and …