either the inflation or the output gap varies in terms of magnitude and/or statistical significance across the high and low … inflation regimes in all countries. In particular, the exchange rate has an impact in the former but not in the latter regime …

taxation but suffers only part of the costs of union-wide inflation and higher interest rates, creating a tendency towards …

goals for which monetary policy authorities can be held accountable. Inflation targeting regimes provide examples of such …

. The optimal monetary policy literature and the optimal simple rules often labeled flexible inflation targeting assign all …

-shaped relation between the membership size of MPCs and inflation; our results suggest that the lowest level of inflation is reached … at MPCs with about seven to ten members. Similar results are obtained for other measures, such as inflation variability …

This paper analyses the problem faced by CEECs wishing to join the Euro who must hit both an inflation and exchange … rate criterion during a period of nominal convergence. This process requires either an inflation differential, an … rate and inflation criteria. The authorities can use their monetary policy to hit one criterion, but must essentially just …