policy regime change associated with the start of EMU in 1999. The main findings are as follows. Steady-state inflation and … inflation uncertainty have declined steadily since the inception of EMU, whilst short-run uncertainty has increased, mainly …This paper estimates a time-varying AR-GARCH model of inflation producing measures of inflation uncertainty for the …

This paper investigates the relationship between inflation and inflation uncertainty in twelve EMU countries. A time …-varying GARCH model is estimated to distinguish between short-run and steady-state inflation uncertainty. The effects of the …-state inflation has generally remained stable, steady-state inflation uncertainty and inflation persistence have both increased, and …

economic performance under inflation targets, and arguments that the flexible exchange rate has undermined real economic …

—with excess liquidity reminiscent of the global inflation generated by the weak dollar in the 1970s. …

linked to the monetary policy regime. Before and after the "Great Inflation", nominal wages moved in the same direction as … the (required) adjustment of real wages, and in the opposite direction of the price response. During the "Great Inflation … increasing inflation volatility. Using a standard DSGE model, we show that these stylized facts, in particular the estimated …

, although their overall effect on inflation differentials and competitiveness seems to be small. An additional focus of the …

and inflation. …