Transparency is a central element in most aspects of the design and operation of inflation targeting regimes. This … paper focuses on three elements of inflation targeting most closely associated with transparency: (i) the institutional … arrangements supporting inflation targeting; (ii) the specification of the inflation target; and (iii) the central bank's policy …

adjustment rule, under alternative inflation targets, in terms of output losses in a macroeconomic model, using European Union … credibility, and that a positive inflation target, as opposed to zero inflation, leads to higher and less volatile output. These … countries supports country-specific flexible inflation targeting. …

Globalization operates not only by reducing domestic pressures on inflation but also by reducing the scope of domestic … authorities to influence the pace of inflation. First, as markets are integrated, the common, cross-border sources of inflation … increase, reducing the extent of domestically-generated inflation. Based on a methodology identifying common time and sectoral …

The Maastricht inflation criterion, designed in the early 1990s to bring "high-inflation" EU countries in line with … "low-inflation" countries prior to the introduction of the euro, poses challenges for both new EU member countries and the … European Central Bank. While the criterion has positively influenced the public stance toward low inflation, it has biased the …

(1985)-type central banker is an inverse function of the corruption level. Third, either an optimally designed inflation …

equilibrium with no inflation and no default exists. However, highly-indebted countries are more likely to default once they join …

Over the past decade, inflation has become less responsive to domestic demand pressures in many industrial countries … the implications of a globalization-related flattening of the Phillips curve for the trade-off between inflation and …

follows a rule that can be characterized as inflation targeting with a high degree of interest rate smoothing. During …