. Quantitative goals take three forms: exchange rates, money growth rates, and inflation targets. We analyse the effects on inflation … of both having a quantitative target, and of hitting a declared target; we also consider effects on output volatility … determinants of inflation (such as fiscal policy, the business cycle, and openness to international trade), and the endogeneity of …

Countries that have pursued distortionary macroeconomic policies, including high inflation, large budget deficits and … misaligned exchange rates, appear to have suffered more macroeconomic volatility and also grown more slowly during the postwar … more ‘extractive’ institutions from their colonial past were more likely to experience high volatility and economic crises …

the upswing in the credit volatility that kept money supply variability from translating into inflation and GDP volatility. … volatilities away from the downward trending GDP and inflation volatilities. Using an en dogenous growth monetary DSGE model, with … micro-based banking production, enables a contrasting characterization of the two great volatility cycles over the …

velocity volatility at both business cycle and long run frequencies. With filtered velocity turning negative, starting during …

to an end. This paper offers evidence that the decrease in output volatility still remains in force despite the GR and …

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 …