This paper investigates the question of whether a transition to a low-inflation environment, induced by a shift in … from previous empirical work in its focus on the identification of changes in the inflation environment and its use of a …, supports the hypothesis that exchange rate pass-through declines with a shift to a low-inflation environment brought about by a …

-even inflation rate) should be a good measure of inflation expectations. The authors find that this measure was higher, on average …, and more variable than survey measures of inflation expectations between 1992 and 2003. They examine whether risk premiums … evidence that the distortions examined were as important between 2000 and 2003, but the high level of the break-even inflation …

-zero trend inflation. We characterize the fiscal and monetary policies by a rule whereby a given fraction k of the government … measured by (1 - k), is positively related to trend inflation, and 2) when prices are sticky, k has significant effects on the …

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

This paper surveys the empirical literature on the benefits of low inflation emphasizing contributions since 1990. It … 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 …

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 …

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 …

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. …