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 …

game. Reciprocity induces a positive inflation bias and nominal fluctuations in the monetary union. …

justified empirically. Both the relation between money and inflation, and between money and aggregate demand, are considered …. Regarding the first relation, it is argued that both the mean and the dynamics of inflation in present-day models are governed … monetary aggregates and inflation in no way requires a direct channel connecting money and inflation. The relevance of money …

stable rates of inflation in many countries. Consequently, the main goal of this Paper is to offer an overview of the main … policy issues arising in a low inflation environment and their practical relevance so as to identify the main challenges … nominal wage or price rigidities? What does the low inflation environment imply about the relative importance and effects of …

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 …. Then we examine whether this conjecture holds empirically, employing the recently derived index of transparency by …

inflation through the identification of turning points and structural shocks. After establishing the sought-after properties (of … smoothness, stability, and forecasting) for core inflation, we turn to the discussion of real-time diagnosis for a low inflation … environment. This is done in the context of weekly estimates of Swiss inflation. The intra-monthly estimates for core inflation …

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 …

incomes policy as the primary weapon against inflation; Sterling M3 targeting in the late 1970s and early 1980s; moves in the … inflation targeting from October 1992. This Paper estimates simple interest rate reaction functions, or ‘Taylor rules’, for … different UK monetary policy regimes. The inflation targeting regime that began in 1992 appears to be the only period that is …

stability. These questions are: (1) what are the economic costs of inflation? (2) what part does monetary policy play in the … short- and medium-term evolution of inflation? (3) what are the most appropriate monetary policy strategies for fighting … inflation? …