geared at containing inflation while also seeking to engender a sustainable reduction in interest rates. …

capacity in 2007–08, leading to accelerating inflation. The demand expansion, fed by fiscal and income policies and a capital …-inflow driven surge in money and credit growth, in combination with rising food and energy prices, gradually lifted CPI inflation to …

This Selected Issues paper takes a close look at the proximate determinants and short-term dynamics of inflation in … Switzerland. It identifies salient features of the inflation experience in Switzerland. The paper uses a wage-price model to gauge … the sensitivity of inflation to the business cycle and the exchange rate. The findings suggest that underlying inflation …

impact of monetary and exchange rate policies on inflation, including the nature of the lags involved. It reviews …

3 percent. Recent indicators suggest that activity has continued to strengthen in 2004. During 2003, inflation … inflation. IMF staff projects that the economic recovery will gain momentum with GNP growth of 4½ percent in 2004, accelerating … slightly to 5 percent in 2005. Core inflation is forecast to stay close to 2 percent. …

This Selected Issues paper looks at short-term inflation dynamics in the new member states (NMS) of the European Union …, focusing on the role of monetary policy regimes. It models the determinants of inflation in the NMS and assesses how different … of NMS, evaluates their role in reducing inflation, and identifies some of their distinctive characteristics. The paper …

moderate inflation, and quantifies the disinflation costs in these countries. It compares the Russian economy with the sample … countries. The paper concludes that a relatively rapid reduction of core inflation from above 10 percent in 2002 to less than 5 …

anti-inflation policy that has led to a sharp decline in inflation. To institute a monetary policy framework, a nominal … currency in circulation, conduct more sophisticated tests to assess the relationship between inflation and the monetary …