It is often argued that the EMS is an effective disciplinary device for inflation-prone countries in the EEC, since it …-makers in high-inflation countries: the reason is that not only it attaches an extra penalty to inflation (in terms of … inflationary finance, we find that they will always prefer EMS membership. When the policy-maker needs revenue from the inflation …

inflation and the difficulties of East European central banks in pursuing non-inflationary policies. The main obstacles are the …

U.S. retail food price increases in recent years may seem large in nominal terms, but after adjusting for inflation …

impact of the zero bound on the effectiveness of interest rate policy in Japan in terms of stabilizing output and inflation …

-in-the-utility-function approach with a welfare cost of ‘current’ inflation. Under commitment, for the most plausible specification time inconsistency … takes the form of surprise inflation, if there is high initial government debt. Although ‘orthodox’, this result contradicts …-run inflation rate is quite likely to be positive, not negative as in Obstfeld’s related analysis. …

This Paper studies the behaviour of inflation after nine large post-1990 contractionary devaluations. A salient feature … of the data is that inflation is low relative to the rate of devaluation. We argue that distribution costs and …

Countries that have pursued distortionary macroeconomic policies, including high inflation, large budget deficits and …