geared at containing inflation while also seeking to engender a sustainable reduction in interest rates. …

capacity in 2007–08, leading to accelerating inflation. The demand expansion, fed by fiscal and income policies and a capital …-inflow driven surge in money and credit growth, in combination with rising food and energy prices, gradually lifted CPI inflation to …

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

This Selected Issues paper takes a close look at the proximate determinants and short-term dynamics of inflation in … Switzerland. It identifies salient features of the inflation experience in Switzerland. The paper uses a wage-price model to gauge … the sensitivity of inflation to the business cycle and the exchange rate. The findings suggest that underlying inflation …

impact of monetary and exchange rate policies on inflation, including the nature of the lags involved. It reviews …

3 percent. Recent indicators suggest that activity has continued to strengthen in 2004. During 2003, inflation … inflation. IMF staff projects that the economic recovery will gain momentum with GNP growth of 4½ percent in 2004, accelerating … slightly to 5 percent in 2005. Core inflation is forecast to stay close to 2 percent. …