After the failure of the early 1980s, a second attempt at capital account liberalization was gradually carried out in … applied to support the independent monetary policy committed to the inflation target, while the exchange rate was quasi …

and unofficial markets for foreign exchange, the domestic inflation rate can be stabilized, but only at the expense of a … temporarily, and are known to be temporary, targeting the money supply fails to stabilize the rate of inflation even in the short …

This paper analyses the dynamics of inflation in Kenya during 1974–96, a period characterized by external shocks and … exchange rate, foreign prices, and terms of trade have long-run effects on inflation, while the money supply and interest rate … only have short-run effects. The dynamics of inflation are also found to be influenced by food supply constraints. Moreover …

Exchange rate-based inflation stabilization (ERBS) policies are associated with a boom-recession cycle in economic … forward-looking pricing behavior without inflation stickiness and attribute the slow decline in inflation to the consumption …-looking components of inflation weigh approximately equally in pricing behavior, and therefore, that inflation is partially sticky. The …

appreciation of the nominal exchange rate, this real appreciation will occur through inflation rates that are higher than in … industrial countries. Provided that the current prudent economic policies are continued, such higher inflation will not threaten …

This paper shows that the response of inflation to external shocks is very different when the authorities target the … would have no effect on the steady-state inflation rate under a fixed exchange rate are either inflationary or deflationary …