"Why is inflation persistently high in some periods and low in others? The reason may be absence of commitment in … trigger strategies. In these traps, expectations of high or low inflation lead the public to take defensive actions, which … inflation rate is low on average. This analysis suggests that institutions which promote commitment can prevent high inflation …

period at the zero bound for the nominal interest rate, the collapse in investment and low inflation, in spite of the very …

-rate process is truncated at zero. Despite its simplicity, a version of this model incorporating inflation can fit longer …

inflation rates. Furthermore, if Furthermore, if 'inside monies' can be produced at a sufficiently low cost, outside money is …