domestic currency, increases interest rates, effectively controls inflation rates and reduces output. They do not find any …

that achieved stable and low inflation and the regulations encouraging domestic currency deposits. We analyze traditional …

" - although they generate price inertia, they cannot account for the stylised fact of inflation persistence. It is thus commonly … asserted that, in the context of the new Phillips curve (NPC), inflation is a jump variable. We argue that this "persistency … equilibrium setting (in which real variables not only affect inflation, but are also influenced by it), standard wage …

bound on inflation. In contrast, policies geared toward ensuring an output lower bound are insufficient for avoiding …