Typescript (photocopy).

The article explores Ireland's participation in the exchange rate mechanism (ERM) of the European Monetary System since mid-1986. It has been found that membership of the ERM per se did not have the expected moderating influence on interest rates. Ireland's participation in the ERM was intended...

Is inflation targeting an appropriate framework for monetary policy? Experience from the inflation-targeting countries countries are optimistic about inflation targeting as a monetary-policy framework. South Africa is also following this trend.The international literature review of the topic...

Inflation expectations have been of great interest to economists because they predict how agents in an economy set prices and react to changes in various macroeconomic variables. The existence of Keynesian liquidity traps in Japan and the United States have helped emphasize the importance of...

As in Caporale and Pittis, this paper finds significant evidence supporting the hypothesis of long-run equilibrium relationships between inflation rates in countries which participate in the ERM. However, the results differ in several important respects. First, the evidence rejects a dynamic...

A number of researchers have recently argued that the new-Keynesian Phillips curve matches the empirical behavior of inflation well when the labor income share is used as a driving variable, but fits poorly when deterministically detrended output is used. The theoretical motivation for these...

Includes bibliographical references (p. 17).

Straipsnyje analizuojami BVP ir infliacijos kitimo tempai bei jų įtaka vykdant bendrą pinigų politiką. Nustatyti BVP ir infliacijos tempų skirtumai parodė, kad Ekonominėje ir pinigų sąjungoje (EPS) egzistuoja asimetriniai paklausos bei pasiūlos šokai, kurie lemia tai, kad pinigų...

In 2007 Lithuania tried to join the euro zone but it did not succeed as it did not satisfy the criterion of price stability. What causes determined the fact that Lithuania did not adopt the euro in 2007? What should Lithuania do seeking for a membership in the Economic and Monetary Union...

In this paper we embed the Taylor interest rate rule in a simple macroeconomic model with Calvo contracts. We contrast this with the case in which the interest rate is determined by the conventional LM curve along with a fixed value for the monetary aggregate. We derive conditions under which...