This paper studies inflation dynamics during 25 historical episodes in advanced economies where output remained well …, underpinned by weak labor markets, slowing wage growth, and, in many cases, falling oil prices. Indeed, inflation declined by … about the same fraction of the initial inflation rate across episodes. That said, disinflation has tended to taper off at …

sub-Saharan African countries on the relative importance of fiscal and monetary determinants of inflation. Based on the … dynamic response of inflation to different shocks, including nominal public debt, results show that a number of SSA countries …

Japan has the most rapidly aging population in the world. This affects growth and fiscal sustainability, but the … potential impact on inflation has been studied less. We use the IMF’s Global Integrated Fiscal and Monetary Model (GIMF) and … advanced countries as well, but we find that deflation risk from aging is not inevitable as ambitious structural reforms and an …

-fledged inflation targeting, (vi) implicit price stability anchor, and (vii) inflation targeting lite. This taxonomy captures the … financial and economic development and recent inflation history. …

Under a flexible inflation targeting regime, should policymakers avoid any reaction to movements in the foreign … exchange market? Using data for six advanced open economies explicitly targeting inflation, the paper examines empirically … monetary policy responses in inflation-targeting, open economies have changed significantly, as the institutional framework for …

changes have swifter effects on output and inflation compared to advanced economies and that exchange rate dynamics plays a … key role in this connection. Importantly, the response of inflation to monetary policy shocks has grown stronger and the … output-inflation tradeoff improved since the introduction of inflation targeting. …

Norway adopted an inflation targeting framework in early 2001, thus concluding its gradual but consistent move toward … countries that had adopted inflation targeting frameworks prior to Norway. Norway's role as a commodity exporter exposed to …

Modifications to Japan's monetary policy framework will be needed as positive inflation resumes because the current … an "anti-deflation" objective to an inflation objective, complemented by a shift of monetary operations from a … monetary regime and operations are tailored to ending deflation. The paper suggests that the monetary regime should move from …

inflation-unemployment process. The results provide some evidence in favor of the Lucas critique by showing that the short …-run unemployment-inflation trade-off tends to improve in countries that are successful in providing low and stable inflation. …

targets for inflation. Using the recent experience of Colombia between 2004 and 2007, this paper examines the effectiveness of … the Central Bank's intervention in stemming domestic currency appreciation under an inflation targeting regime. The … slowing down domestic currency appreciation, as large-scale intervention became incompatible with meeting the inflation target …