We investigate theoretically and empirically the competitive effects of increased trade on prices, productivity and … and significant impact on sectoral prices. Increased openness lowers prices by both reducing markups and raising … productivity rises in a manner that increases over time. Our estimates suggest that EU manufacturing prices fell by 2 …

aspects of US methods which affect international comparisons of inflation and output growth. The traditional problem of …

nominal interest and inflation rates. For close to a decade the principal focus of monetary policy has been on inflation … consideration, but at other times inflation control has been the major objective. We argue that this concentration on inflation has …

This paper considers the existence of a path of GDP corresponding to steady inflation in the prices of domestic goods … fluctuate considerably, whereas growth can be steady if the target is steady inflation of domestic goods' prices. …. We estimate the steady inflation rate of growth, denoted the SIRG, at a little over 4 per cent per annum in the post …

The first part of the paper analyzes the inflationary risks associated with price liberalization, the welfare costs of … inflation and the difficulties of East European central banks in pursuing non-inflationary policies. The main obstacles are the …

situation poses to price stability. We propose to regard the central banker as a risk manager who aims to contain inflation …

This paper estimates the NAIRU (standing for the Non-Accelerating Inflation Rate of Unemployment) as a parameter that … varies over time. The NAIRU is the unemployment rate that is consistent with a constant rate of inflation. Its value is … determined in an econometric model in which the inflation rate depends on its own past values (‘inertia’), demand shocks proxied …