inflation. The declining prices cannot, however, be explained by lack of demand or any generalized deflationary tendencies …. This was a period of very low inflation. The rate of growth in the aggregate price level was occasionally very close to … zero. The paper shows that declining nominal prices were a rather common phenomenon during this period of low or no …

This paper reviews the existing empirical evidence on the short-term impact on prices of fiscal variables and assesses … Commission and the OECD models. Overall, a broad consensus appears on the impact on prices of changes in individual government … limited impact on prices in the first year while, in contrast, changes in indirect taxes and employers’ social security …

Using a macroeconometric framework, this paper analyses relationships among money, barter and inflation in Russia … a lesser extent. There is some evidence that the effect of barter on prices is less than that of money. We also find … to capture all the relevant information for inference on money and inflation in Russia. …

This paper studies the gain from using money as an indicator when monetary policy in made under data uncertainty. We … state of the economy. Money reveals some of the private sector’s information to the policymaker, especially if there is a … forward looking element in money demand. We show that observing money can considerably reduce the loss that is due to …

tried to cope with an enduring hyperinflation. This paper uses a money demand model to evaluate monetary policies during … those episodes. The consistency between the money supply and the expected conditional money demand growth rates is …

The paper offers a new explanation for the cause of the Great Inflation by constructing a model that explicitly … separates the roles of government and monetary policymakers. A mechanism that inflation can accelerate even if an inflation … target is low is uncovered. The model solves the puzzle of the observed high inflation target during the Great Inflation and …

This paper analyses the role of inflation expectations in the euro area. On one hand, the question is how inflation … expectations affect both inflation and output, and, on the other hand, how inflation expectations reflect developments in these … variables. The analyses make use of a simple VAR model of inflation, inflation expectations and the output gap that allows for …

reducing inflation from three-digit annual rates in the 1990s to single-digit territory in 2004. The paper also discusses the …