considered for each plan. It is shown that the unsuccessful programs were marked by excessive liquidity. The results not only … liquidity could have been predicted. …

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 …

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. …

progressively opt for greater exchange rate flexibility as well as a monetary policy based on inflation targeting rather than … policies are reviewed and analyzed. Second, the theoretical sources of inflation (cost push and demand pull factors as well as … probabilities is estimated for Morocco and Tunisia to provide important information concerning the mechanisms underlying inflation …

stance, before and after its adoption of the inflation targeting framework, as revealed by its interest rate setting behavior … inflation by and large through its key policy rate, though it appears to be accommodative with respect to the output gap. In …

equities fail the test as inflation hedges, as had been quite widely believed, but that they take so long to pass. …