Although accommodative policies and widespread indexation may account for the persistence of high inflation, they … cannot explain changes in the inflation rate. This paper examines the causes of such changes for the high-inflation episodes … immediately preceding the recent “heterodox” attempts at stabilization in Argentina, Brazil, and Israel. An attempt is made to …

The paper evaluates whether a monetary aggregate can serve as a useful predictor of inflation, using recent … of return variables. However, deviations of M2 from its long-run equilibrium value do not significantly enhance inflation …. Nevertheless, changes in M2 do contain information about future inflation, consistent with the view that the demand for money …

This paper examines the challenges and policy options after hyperinflation in Zimbabwe. The paper reviews the pros and … creating fiscal space for growth and development in post-hyperinflation Zimbabwe …

-looking monetary policy decisions. The bias is higher for countries whose monetary policy was more independent of Germany …

Mechanism (ERM) of the European Monetary System can be expressed as a stable function of ERM-wide income, inflation, interest …

found to be sensitive to changes in expected inflation. In the case of currency, demand increases in the short term in … response to an increase in expected inflation even though there is a fall in demand in the long run. A “cash …-in-advance” explanation for this response pattern is suggested. It is also argued that the estimation results taken as a whole provide …