European new EU member states. Based on a Balassa-Samuelson model of productivity driven inflation, it finds a high probability … of higher inflation in the new member states. It compares the policy options which might make the compliance possible, i …

the early 1980s, during a period of high inflation. It traces the modeling and policy implications of this framework. It …

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 …