Japan suffered a very high inflation rate in 1973-74. The CPI inflation rate rose to near 30% in 1974, the highest rate …, the oil crisis is blamed for the 1973-74 high inflation. However, due to monetary policy decisions in 1972-73, the … inflation rate had already exceeded 10% before the onset of the oil crisis in October 1973. These decisions include the interest …

these ideas by looking at the effect of central bank independence on inflation. The evidence is consistent with the notion … that central bank reforms have reduced inflation in societies with intermediate constraints and have had no or little … with the seesaw effect, in countries where central bank reforms reduce inflation, government expenditure tends to increase …

(GFC) of 2007-2008. It was greatly aided by the adoption of inflation targeting. In this paper we evaluate this convergence …

financial innovation, adopting an inflation targeting scheme and increased central bank independence have all been associated …

in output shocks and the possibility that society became more inflation averse over time …

, which involves a commitment to higher future inflation. This commitment mechanism works even though, realistically, the …