central banks’ monetary policy must be credible if the authorities want to curb inflation. A second view is that central banks … set their monetary policy by using all the information relevant for inflation and output projections. In Europe, a … controversy has emerged about the role of monetary aggregates as useful indicators of future inflation and output. On one hand …

Inflation targeting needs to be supplemented by an economic growth target so that central banks will not adopt monetary … the inflation rate is kept between two to three per cent. Monetary policy does not have a comparative advantage in … by the monetary authority for the purpose of inflation targeting may not work. The R in NAIRU should stand for "range …

inflation treats only the symptom, not the disease. Trade liberalisation by Japan is superior to yen depreciation as a means of …

This paper considers a central bank with a zero inflation target and a fiscal authority with a differing objective …. Situations in which the fiscal authority is able to exploit the central bank's commitment to zero inflation sre examined. …

We study the effects of growth volatility and inflation volatility on average rates of output growth and inflation for … the conditional covariance of inflation and growth to be both nondiagonal and asymmetric. We show that the data reject … increased growth uncertainty is associated with significantly higher average growth, and that higher inflation uncertainty is …

inflation. …

Unit root and stationarity test suggest that shocks to quarterly US, Japanese and UK inflation are infinitely …-linearity. The evidence suggests that inflation is well described as a two-regime covariance stationary threshold process. Shocks to … inflation are highly persistent in one regime, but have finite lives in the other regime. A small-scale Monte-Carlo experiment …

wastes resources by avoiding the inflation tax through a costly means of exchange. This inefficiency gives lattitude for a …