of inflation targeting in 1992 or central bank independence in 1997), we instead take a longer perspective, which … alter the monetary base; and the adherence by policymakers in the 1960s and 1970s to nonmonetary views of the inflation …

In this paper we study optimal monetary and fiscal policies, and the welfare costs of inflation, within the Lagos and … considerable welfare gains. When fiscal policies are held constant, the welfare costs of increasing inflation may be as high as 8 …

This paper examines the ending of moderate rates of inflation in three transition economies, the Czech Republic … VAR model of inflation, we show that, under a variety of assumptions, foreign prices and the persistence of inflation are … the key determinants of inflation in these countries. From this finding we conclude that the end of moderate inflation in …