maintain lower inflation levels than their neighbors. Our framework provides a way of weighing these costs and benefits. The … inflation differential between CFA and non-CFA African countries has been around 14 percentage points. We attribute this …. Under reasonable output-inflation tradeoffs, the output costs of maintaining a fixed exchange rate have outweighed the …

inflation and unemployment among EMS members since the late 1970s. This paper presents new empirical evidence for this … inflation countries -- France and Italy -- have experienced a decrease in tolerance for inflation relative to unemployment …. Germany and other low inflation countries, in contrast, appear to have experienced a decrease in tolerance for unemployment …

This paper analyzes the long-run determinants of inflation differentials in a monetary union. First, we aim at …some stylized facts relating the regional dispersion in headline inflation rates in the euro area as well as in the …-traded sector as the primary cause of price and inflation differentials, with shocks to productivity in the traded sector being …

common monetary authority chooses inflation for the union, also without commitment. We first describe the existence of a … wisdom that all countries should prefer a union with low-debt members, as such a union can credibly deliver low inflation …