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

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 …

We extend the `rational-partisan' model of inflation to allow for the effects of unemployment persistence on the … dynamics of inflation. We combine this model with the `exchange-rate-regime' model of inflation and examine the experience of … the United Kingdom. Outside the fixed exchange rate regime of Bretton Woods, persistently high inflation can be attributed …

has been a worsening in the trade-off between unemployment and inflation. The poor unemployment/inflation trade-off is due … (which does little to restrain inflation). …

Germany in the EMS and is consistent with the evidence that membership has induced several countries to disinflate more than …

is therefore somewhat surprising to observe that Italy, in comparison to the United States, displays less inequality … around the idea that even if in Italy moving up on the social ladder is easier, the incentive to move may be lower, making …

In order to study the costs/benefits of a monetary union between Germany and France, we attempt to go beyond a mere …, Germany would lose from any French participation in the setting of domestic monetary policy. By contrast, however, France … monetary policy. Our analysis centres on the effect of identical monetary policy on movements in output, inflation and the …

experiences of Germany and Japan during periods when their exchange rates have apparently been undervalued and the more general …

This paper considers the Great Inflation of the 1970s in Japan and Germany. From 1975 onward these countries had low … Japan and Germany’s monetary authorities - for example, more willingness to accept temporary unemployment, or stronger … inflation relative to other large economies. Traditionally, this success is attributed to stronger discipline on the part of …