to changes in inflation, output gaps and the exchange rate in a consistent and predictable manner. In most emerging … inflation rate or the output gap. The result is robust to alternative specification and estimation methods. This highlights the … in some countries the central bank's response to a negative inflation shock might be weaker than to a positive shock …

are clearly present and explain around 24% of inflation differentials vis-a-vis the euro area (about 1.2 percentage points … total domestic inflation (about 1.1 percentage points on average). The paper presents mixed evidence on whether the Balassa …

This paper aims to explain differences in inflation between six central European economies - Croatia, the Czech … productivity differentials explain on average only between 0.2 and 2.0 percentage points of annual inflation differentials vis …-a-vis the euro area. Productivity differentials also explain only a small proportion of domestic inflation in central European …

-Saharan Africa with more flexible arrangements. Policy-makers in inflation-prone countries are faced with a permanent dilemma: should … policy priority be given to containing inflation or to maintaining competitiveness through currency depreciation. This policy … whether the pegging of an exchange rate is advantageous, when taking account of both output and inflation effects, remains …