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

at containing inflation and the deviation of output from potential within pre-specified bounds. We develop formal tools … this loss function under weak assumptions may be estimated from realizations for inflation and output gap data even in the … parameters with respect to the inflation and output objectives during the Greenspan period. We formally test for and reject the …

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

We study the effects of Central Bank transparency on inflation and the output gap. We thus first identify a small … analytical model, which concludes that transparency affects the variability of inflation and output and not their average levels … explain however, about 50% of the variability in inflation. The relation between transparency and output volatility is less …

Recent cross-country studies on the globalization and output-inflation tradeoff correlation find openness has no … openness on the output-inflation trade off differ in sign and size across countries. In contrast to previous cross …-country studies, we find globalization has significantly changed some major industrialized countries’ output inflation tradeoff. This …

-neutrality of money and the `Fisher effect' of inflation on interest rates. …

. Whereas our methodology is general, we focus on an extended macro-model with unobservable processes for the inflation target … inflation target dominates the variation in the 'level factor' whereas monetary policy shocks dominate the variation in the …

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 …

output or inflation as in the empirical 'two-pillar' Phillips curves estimated in some recent contributions, it would be …-checking does not require direct effects of money on output or inflation. …