that fix exchange rates and those that target inflation. Inflation targeting is a more durable policy; no country has yet … been forced to abandon an inflation target, while many have abandoned fixed exchange rates. Indeed, even though inflation … targeting began only in 1990, the duration of inflation targeting regimes is at least as long as, or longer than all alternative …

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

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 …

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 …

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