pronounced increase of aggregate US producer price inflation. …

competitiveness. A formal theory of inflation in the euro-zone based on an open-economy version of the New Keynesian model is used to … shown that, in effect, this is an inflation tax, requiring high inflation countries to make transfers to low inflation …

inflation and a permanent reduction in the level of unemployment. In short, we derive a microfounded long-run downward …

It is often argued that the EMS is an effective disciplinary device for inflation-prone countries in the EEC, since it …-makers in high-inflation countries: the reason is that not only it attaches an extra penalty to inflation (in terms of … inflationary finance, we find that they will always prefer EMS membership. When the policy-maker needs revenue from the inflation …

at containing inflation and the deviation of output from potential within pre-specified bounds. We develop formal tools … this loss function under weak assumptions may be estimated from realizations for inflation and output gap data even in the … parameters with respect to the inflation and output objectives during the Greenspan period. We formally test for and reject the …

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 …

in output and inflation are due to changes in potential output or to cyclical demand and cost shocks. We refer to this … information benchmark. This provides a partial but unified explanation for the inflation of the seventies and the price stability …, during and following periods of large changes in potential output, the IP significantly affects the dynamics of inflation and …

channel through which monetary policy lowers the volatility of inflation and, even more importantly, output. …