extension of the existing empirical research about the relationship between inflation and the institutional design of monetary … the rate of inflation, central bank reforms and the transition process. Legal Transition Indicators will be used as proxy …

. Signalling leads all bankers to be tougher on inflation initially, but to become less tough with experience. This evolution is …

stable rates of inflation in many countries. Consequently, the main goal of this Paper is to offer an overview of the main … policy issues arising in a low inflation environment and their practical relevance so as to identify the main challenges … nominal wage or price rigidities? What does the low inflation environment imply about the relative importance and effects of …

We study the effects of Central Bank transparency on inflation and the output gap. We thus first identify a small … analytical model, which concludes that transparency affects the variability of inflation and output and not their average levels … explain however, about 50% of the variability in inflation. The relation between transparency and output volatility is less …

inflation through the identification of turning points and structural shocks. After establishing the sought-after properties (of … smoothness, stability, and forecasting) for core inflation, we turn to the discussion of real-time diagnosis for a low inflation … environment. This is done in the context of weekly estimates of Swiss inflation. The intra-monthly estimates for core inflation …

at containing inflation and the deviation of output from potential within pre-specified bounds. We develop formal tools … this loss function under weak assumptions may be estimated from realizations for inflation and output gap data even in the … parameters with respect to the inflation and output objectives during the Greenspan period. We formally test for and reject the …

plays no role. Trust does play a role but requires a lower bound on efficiency. Stationary inflation must be positive and …

features, such as the degree of centralization of wage bargaining, labour unions' inflation aversion and the degree of … monetary policy usually affects both inflation and unemployment, even when all structural parameters of the economy and of …

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