Using quarterly data from 1970-1987 we estimate a simple econometric model in which inflation and the money supply are … jointly determined and in which expectations of inflation are rational, or forward-looking. The model is estimated using the … recently developed `cointegration' principle in econometrics. The main findings are that Israeli inflation reflected monetary …

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

situation poses to price stability. We propose to regard the central banker as a risk manager who aims to contain inflation …

This paper estimates the NAIRU (standing for the Non-Accelerating Inflation Rate of Unemployment) as a parameter that … varies over time. The NAIRU is the unemployment rate that is consistent with a constant rate of inflation. Its value is … determined in an econometric model in which the inflation rate depends on its own past values (‘inertia’), demand shocks proxied …

, control of inflation and control over the growth of national wealth, and a third outcome of importance, a high level of …). The assignment problem considers whether fiscal policy should be used to control inflation, leaving monetary policy to …

pronounced increase of aggregate US producer price inflation. …

We use evidence from the term structure of inflation expectations implicit in the nominal yields and survey forecasts … of inflation to address the question of whether or not monetary policy is effective. We construct a model that …-neutral, subjective, and objective probability measures. We extract private sector expectations of inflation from this model and establish …