maintain lower inflation levels than their neighbors. Our framework provides a way of weighing these costs and benefits. The … inflation differential between CFA and non-CFA African countries has been around 14 percentage points. We attribute this …. Under reasonable output-inflation tradeoffs, the output costs of maintaining a fixed exchange rate have outweighed the …

inflation and unemployment among EMS members since the late 1970s. This paper presents new empirical evidence for this … inflation countries -- France and Italy -- have experienced a decrease in tolerance for inflation relative to unemployment …. Germany and other low inflation countries, in contrast, appear to have experienced a decrease in tolerance for unemployment …

common monetary authority chooses inflation for the union, also without commitment. We first describe the existence of a … wisdom that all countries should prefer a union with low-debt members, as such a union can credibly deliver low inflation …

This paper analyzes the long-run determinants of inflation differentials in a monetary union. First, we aim at … establishingsome stylized facts relating the regional dispersion in headline inflation rates in the euro area as well as in the main … the primary cause of price and inflation differentials, with shocks to productivity in the traded sector being largely …

rates, and the shift in the response of the term structure of interest rates to inflation and output. Although the theory …This paper shows that the theory of monetary policy rules is able to explain, predict, and help understand a variety of …

This paper studies the behavior of inflation after nine large post-1990 contractionary devaluations. A salient feature … of the data is that inflation is low relative to the rate of devaluation. We argue that distribution costs and …