backward-looking inflation expectations. However, it does not lead to instability in several large multicountry econometric …

model embodies the key principle that, in an inflation-targeting framework, the role of monetary policy is to provide an … anchor for inflation and inflation expectations. The development and calibration of this model is an ongoing process. …

This paper examines the inflation expectations, monetary policy credibility, and dollarization. Country fundamentals …

the inflation tax. Accordingly, continued effort is likely to be needed to attain a fiscal position that is sustainable …

This Selected Issues paper for South Africa presents a quantitative analysis of inflation dynamics in the country. The … inflation. Exposed to exchange rate and other shocks, the model confirms that a delayed policy response to inflation shocks … leads to persistently higher inflation rates and, subsequently, to a sharp real contraction of the economy. …

.2 percent to 7.8 percent. A fixed wage or indexation to consumption price inflation increases volatility most. Indexation to … wage inflation or unit labor cost growth is preferable, largely preserving labor market flexibility. …