Japan suffered a very high inflation rate in 1973-74. The CPI inflation rate rose to near 30% in 1974, the highest rate … in the postwar Japanese history after the chaotic hyperinflation following the end of the Second World War. Traditionally …, the oil crisis is blamed for the 1973-74 high inflation. However, due to monetary policy decisions in 1972-73, the …

Modern theory has delivered both the conservative central banker and the principal-agent approaches as rationales for … shows not only that greater independence is associated with lower inflation, but also that the central bank's rights not to … finance the government and to set interest rates independently increase its effectiveness. The role of inflation targeting and …

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 …

In recent years, central bankers throughout the world have advocated that monetary policy shift toward inflation … targeting. Recent actions in the U.S. serve to highlight the desire of the Federal Reserve to keep inflation both low and stable …, while downplaying the likely output and employment consequences. But control of inflation requires both that one be able to …

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

In much of the world, growth is more stable than it once was. Looking at a sample of twentyfive countries, we find that … financial innovation, adopting an inflation targeting scheme and increased central bank independence have all been associated …

Yes, as inferred from panel evidence for inflation-targeting countries and a control group of high-achieving industrial … countries that do not target inflation. Our evidence suggests that inflation targeting helps countries achieve lower inflation … in the long run, have smaller inflation response to oil-price and exchange-rate shocks, strengthen monetary policy …

that six ideas that are now accepted by monetary authorities and governments in almost all countries of the world have led … to improved monetary performance: 1) there is no long-run tradeoff between output (employment) and inflation; 2 …) expectations are critical to monetary policy outcomes; 3) inflation has high costs; 4) monetary policy is subject to the time …