This paper is concerned with the design of institutional arrangements for low inflation in small open economies. In the …

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 … of inflation variability, as predicted by the fiscal theory of the price level …

currency by keeping inflation low and steady. This paper provides evidence that monetary policy tightening aimed at maintaining … low and stable inflation could at the same time reduce consumption inequality over a 12-18 month horizon, commonly … benefit mainly from lower inflation. By contrast, the real consumption of individuals at higher ends of the consumption …

Inflation rates rose sharply in the Philippines during 2018. Understanding the demand and supply sources of inflation … pressures is key to monetary policy response. Qualitatively, indicators have pointed to evidence of inflation pressures from …-structural model to decompose the contributions of various shocks to inflation. Our main findings are (1) supply factors (mainly global …

Adoption of inflation targeting by the Bank of Korea (BOK) in 1998 contributed to low and stable inflation. However …, after the global financial crisis (GFC) monetary policy faced more challenging conditions. Inflation slipped below the … monetary policy can focus on the inflation target. Simulation of a macro model calibrated to Korea illustrates how it can be …