The paper advances a simple and tractable Wicksellian model of inflation, in which the price level is determined by the …

economy may be affected by the present circumstances of low rates of inflation and low nominal interest rates. …

Starting in the early 1990s, several emerging market and transition economies (EMEs) have adopted inflation targeting … preconditions for IT, (c) the use of intermediate exchange rate targets and (d) the specification of inflation targets. Our overall …

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 …

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 …

. The evidence in the Paper shows that CBI is unrelated to inflation during the early stages of liberalization. But with … sufficiently high and sustained levels of liberalization, and controlling for other variables, legal CBI and inflation are … momentum legal independence becomes effective in reducing inflation. The Paper also presents evidence on factors that affect …

This Paper compares the social efficiency of monetary targeting and inflation targeting when central banks may have … feasible. Under inflation targeting and monetary targeting, central banks may have an incentive to signal their private … information in order to influence the public's expectations about future inflation. We show that inflation targeting is superior …

inflation when they are part of a group. I examine the effect of increased transparency - in the form of publishing the votes of … affect the policy making body's incentive to refrain from inflation. …