"This book explains inflation dynamic, using time series data from 1960 for 42 countries. These countries are different in every aspect, historically, culturally, socially, politically, institutionally, and economically. They are chosen on the basis of the data availability only and cover the...

"Walter Bagehot noticed once that "John Bull can stand many things, but he cannot stand two per cent." Well, for several years, he has had to stand interest rates well below that, in some countries even below zero. However, despite this sacrifice, the economic recovery from the Great Recession...

chapter Introduction -- chapter 1 Free banking and monetary equilibrium -- chapter 2 Nominal income targeting and the productivity norm -- chapter 3 Nominal income targeting and monetary rules -- chapter 4 Nominal income targeting and monetary disequilibrium -- chapter 5 Nominal income targeting...