of the two. We compare the accounting definition of deficit with the economic definition which takes inflation into …

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

responsive to threats that inflation would lie outside the price stability target than to equal sized shocks within the target …. High unemployment has relatively limited effect in pulling inflation down while low unemployment can be much more effective …

the EMU macroeconomic policies lie in their potential to achieve full employment and low inflation in the euro area. We … today's problems of unemployment and inflation nor promising for the future. We propose alternative policies, 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 …

This paper shows the way how persistent world inflation shocks hitting a small open economy can re-weight the … inflation. We derive a state-dependent Phillips curve based on translog preferences that make the elasticity of substitution of … disinflation on domestic inflation, as experienced in small open economies such as New Zealand, Chile and Peru. …

This essay brings fiscal federalism theory into contact with the knowledge perspective to economic organization. The …