There are three possible price movements in a market economy: stability, inflation, and deflation. Inflation and … deflation are defined in this article as changes in the purchasing power of money caused by the money creation. Inflation and …

theory? Third, what is the relationship between price levels and coefficient measuring differences in the structures of …

The article summarizes the main points discussed at the seminar on Monetary Policy during Very Low Inflation, held by … research into low inflation and its implication for the Czech economy. The presentation was largely based on material available …

During 1930s and 1940s Josef Macek developed monetary theory leading to monetary policy recommendations which are … deeply influenced by macroeconomic theory of John Maynard Keynes. Macek became leading Czech left-wing keynesian. His theory … critisized and disapproved the quantity theory of money. In his monetary theory and his monetary policy conclusions he was a …

inflation targeting. First, new consensus with its roots in Wicksell´s approach is briefly introduced. In the next parts … differences are found (goals of monetary policy, interest rate functions, nature of inflation, shape of Phillips curve and others …

agents are learning new information and adjust their expectation about the inflation and output gap. Central bank …

This paper begins with a description of simple select models of inflation and their ability to fit the data. The paper … assign the best-forecast performance to the modified version of the P-star model of inflation for a small, open economy. …