Union (WAEMU) from 1994 to 2009, this paper provides evidence of the two major channels for real effects of inflation …: inflation uncertainty and relative price variability. In line with theory and most evidence for advanced and emerging market … economies, higher inflation increases inflation uncertainty and relative price variability in all WAEMU countries. However, the …

developing countries. We define first-round effects as changes in headline inflation that, holding core inflation constant, help …

This paper explores the role of exchange rates in emerging economies with inflation-targeting regimes, an issue that … has become especially germane during the current episode of financial turmoil and volatile capital flows. Under inflation … targeting, the interest rate is the main monetary policy tool for influencing activity and inflation, and there is little …

This paper shows that the response of inflation to external shocks is very different when the authorities target the … would have no effect on the steady-state inflation rate under a fixed exchange rate are either inflationary or deflationary …

This paper analyzes the monetary policy response to rising inflation in emerging and developing countries associated … with the food and oil price shocks in 2007 and the first half of 2008. It reviews inflation developments in a sample of … of inflation; provides a synthesis of policy responses taken against the background of the conflicting objectives and …