recently in the adoption of an inflation targeting approach through the institutional mechanism of CBI (Central Bank … Independence). Cross-country empirics have repeatedly confirmed the stylized fact that high CBI delivers low inflation. This study … covers new ground by using time-series techniques to test the nexus between CBI and inflation using Australian quarterly time …

explain the development of inflation dynamics and the formation process of inflation expectations of households respectively. We …

-separability of the utility function, inflation aversion, nominal transaction frictions). The monograph is organized as follows … market share competition with the assumption that agent?s behavior is characterized by inflation aversion. Chapter IV is … devoted to the GMM estimation of crucial parameters of the inflation-aversion model of the previous chapter. A model featuring …

question and to estimate the model.My second chapter revisits the welfare cost of anticipated inflation in an incomplete … provides an insurance channel to individuals against changes in the return on nominal balances through inflation as documented … by Aguiar and Hurst (2007) and McKenzie and Schargrodsky (2011). In my model economy, a higher level of inflation affects …

which the median voter chooses the inflation rate. I use an environment where individuals face an uninsurable idiosyncratic … labor productivity shock, and money is the only asset. Being an effective tax on savings, inflation acts as a redistribution … mechanism transferring resources from the rich to the poor. I show that the median voter chooses a positive inflation rate as …

If there is one thing economists agree on, probably it is that inflation is a monetary phenomenon. Money also is … predicting Turkish inflation and output growth in last two decades both in-and out-of-sample. We used all time series approaches … information in predicting inflation and output in Turkey. Divisia aggregates have superior information content in predicting …

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth", describing the … able to work themselves out fully. In this context, monetary shocks have a gradual and delayed effect on inflation, and … these shocks also generate plausible impulse-responses for unemployment. Although our theory contains no money illusion, no …

In a previous study of US city inflation, I emphasized the temporal regularities of urban price inflation. But, despite … these identified regularities, it is apparent that the process of inflation is rarely so regular and so systematic …. Unanticipated shocks in three components, energy food, and housing, dominate the post-1950 record of US inflation. Analysis of …

Apart from occasional anecdotal observation, there has been little systematic study of the patterns of local inflation …. The strongest theoretical argument is that local price inflation should be no different from national inflation …-series models. It is concluded in this paper that, although inflation does vary, if only slightly, between cities and with respect …

Evolving openness to trade is hard to measure, despite its relevance to models of growth, inflation and exchange rates … andexchange rate. The evidence for South Africa suggests that increased openness has significantly reduced the mean inflation rate …