. Potential output is seen as sustainable; yet experience indicates that output may be on an unsustainable path even if inflation …

shocks on wages and inflation but heighten the impact of technology shocks. Informality also increases the sacrifice ratio of … inflation volatility for some type of shocks but makes monetary policy less effective …

facts: (i) the long-run link between money growth and inflation and (ii) the link between credit growth and financial crises …. The analysis reveals that the former has weakened over time, while the latter has become stronger. Moreover, the money-inflation … two monetary facts. The money-inflation link is weaker in regimes characterised by low inflation and highly liberalised …

-term inflation target to help anchor expectations. This paper aims to document how much the release of the forecasts of one major … central bank, the Bank of Japan (BOJ), has influenced private sector expectations of inflation, and whether the degree of … influence depends to any degree on the adoption of an inflation target (IT). Consistent with earlier studies, we find the …

The remarkable stability of low domestic inflation in many countries requires explanation. In this paper, a number of … continuing low inflation, but also its coexistence with rapid growth and low real interest rates. Unfortunately, the analysis … also leads to the conclusion that rising inflation, unwinding financial imbalances, or both, could easily follow the …

Several countries are concurrently experiencing historically low inflation rates and ageing populations. Is there a …-frequency inflation. In particular, a larger share of dependents (ie young and old) is correlated with higher inflation, while a larger … share of working age cohorts is correlated with lower inflation. The results are robust to different country samples, time …