into four periods, which are mainly distinguished by inflation levels, the source of financing of the public-sector deficit …, and the central bank legal framework. The four main periods are 1962–1980, when inflation and the deficit were moderate … in the country's history took place and inflation levels remained moderate nonetheless; and finally, 2004–2017, the …

We show that Peru's chronic inflation through the 1970s and 1980s was a result of the need for inflationary taxation in …

spending, not financed by an increase in taxes or debt, induced high and unpredictable inflation. Price stability was achieved … inflation …

framework of monetary and fiscal policies, and the levels of inflation: 1960-1970, when both inflation and the fiscal deficit … were low on average; 1971-1990, when both inflation and the fiscal deficit increased; and 1991-2017, when despite the … highest average fiscal deficit and the worst recession of the century, inflation kept a downward trend in the context of a …

consistent with a transition from fiscal dominance to an independent Central Bank. Inflation fell persistently after 1995 … the 1982 crisis, Mexico succeeded in controlling inflation. I discuss forces that reduced inflation over time: a long … inflation targeting regime. On the fiscal side, I observe a change in the downward trend of the total debt-to-GDP ratio, as it …

characterized by high inflation and sustained large deficits, and a large banking crisis in 1965. Since the mid-1970s, the … deficit and inflation. The evidence collected suggests governments have slowly understood the importance of fiscal constraints …