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 …

While overall inflation has fallen dramatically in countries like Italy and Spain, inflation in the home good sector … remains stubbornly higher than inflation in the traded good sector. If nominal exchange rates are fixed, these real … appreciations imply an inflation differential with countries like Germany. We first show that the real appreciations can be …

by nearly double-digit inflation and undergoing massive changes in market structure during the process of transition and …-linear. Product-specific inflation is typically highly persistent. We find that market structure is an important determinant of … depends negatively on the price dispersion and positively on the individual inflation, seems consistent with predictions of …

We investigate both the rational explosive inflation paths studied by McCallum (2001), and the classification of fiscal …

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 …