restrictions suggested by theory using US data for the 1973-2007 period. The estimates show that identifying the shock underlying …

reexamine the welfare gains from global monetary policy coordination in a world with trade in oil. …

. Quantitative goals take three forms: exchange rates, money growth rates, and inflation targets. We analyse the effects on inflation … determinants of inflation (such as fiscal policy, the business cycle, and openness to international trade), and the endogeneity of … systematically and robustly associated with lower inflation. The exact form of the monetary target matters somewhat, but is less …

U.S. retail food price increases in recent years may seem large in nominal terms, but after adjusting for inflation …

restraint caused by greater imports, assuming unchanged monetary policy, can explain a fall in inflation of up to 0.14% per … annum. The most substantial impact on inflation arises, however, from the role of lower markups in reducing the inflation …

separate periods, those of the first globalization wave (1870 to 1914), the period of the “bloc economy” (1915 to 1959) and for … the period of the second globalization (1960-2001). Cluster analysis is applied and the McNemar test is used to test for … that features some well-defined sub-global clusters, where the second globalization period does not, the first …

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