income growth will be divided between inflation and output growth, as well as "velocity" constraints that influence the path …-equation approach to the econometric problem of predicting how changes in nominal GNP growth will be divided between inflation and real … GNP growth. The results from the equation estimated through 1980 are used to examine the behavior of inflation during the …

these ideas by looking at the effect of central bank independence on inflation. The evidence is consistent with the notion … that central bank reforms have reduced inflation in societies with intermediate constraints and have had no or little … with the seesaw effect, in countries where central bank reforms reduce inflation, government expenditure tends to increase …

, which involves a commitment to higher future inflation. This commitment mechanism works even though, realistically, the …

average rates of money creation (or inflation) and policy responsiveness to cyclical disturbances, it is entirely feasible for …

Modern theory has delivered both the conservative central banker and the principal-agent approaches as rationales for … shows not only that greater independence is associated with lower inflation, but also that the central bank's rights not to … finance the government and to set interest rates independently increase its effectiveness. The role of inflation targeting and …