plays no role. Trust does play a role but requires a lower bound on efficiency. Stationary inflation must be positive and …

features, such as the degree of centralization of wage bargaining, labour unions' inflation aversion and the degree of … monetary policy usually affects both inflation and unemployment, even when all structural parameters of the economy and of …

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 studies the behaviour of inflation after nine large post-1990 contractionary devaluations. A salient feature … of the data is that inflation is low relative to the rate of devaluation. We argue that distribution costs and …

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 …

, or of central bank conservativeness are associated with lower unemployment and inflation. However the forward shifting of … by governments concerned with the costs of inflation and unemployment, as well as with redistribution to particular …

inflation. This study focuses on the modern OPEC period since 1973. The results differ along a number of dimensions from the … sustained reduction in economic growth for a year. They also suggest a spike in CPI inflation three quarters after the exogenous … oil supply shock rather than a sustained increase in inflation, as is sometimes conjectured. Finally, the results of this …

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 …

of trade of securities, central banks may choose to commit to costly inflation in favourable states of nature. In …