The current discussion of Inflation Targeting (IT) in emerging economies deals with the effects that nominal exchange rate movements have on the overall inflation rate. The literature has focused in the analysis of the advantages and disadvantages that IT has with respect to other monetary...

Die vorliegende Dissertation leistet einen Beitrag zur gegenwärtigen Diskussion um nach unten starre Nominallöhne. Die Arbeit besteht aus drei eigenständigen Aufsätzen. Der erste Aufsatz, Ausmaß und reale Konsequenzen nach unten starrer Nominallöhne: Eine Untersuchung für den deutschen...

Las economías emergentes con metas de inflación (MI) se enfrentan a un dilema entre cumplir las condiciones teóricas de una «MI estricta», lo que implica un tipo de cambio totalmente flexible, o seguir una gestión más activa de su moneda («MI flexible»), lo que supone implementar...

The purpose of this thesis is to argue that the core of a monetary economy is a network of triangular contracts between banks, firms, workers and capital goods suppliers. Not only does this network give rise to the creation and valuation of money but it is the organising feature of modern...

There is a general recognition that there are deficiencies in the Mundell-Fleming model. Nonetheless, Rose [2000] has stated that Mundell was the first to exposit the Policy Trilemma, which identifies an intrinsic incompatibility among: high capital mobility, fixed exchange rates, and monetary...

This paper compares the P-bar model of price adjustment with the currently dominant Calvo specification. Theoretically, the P-bar model is more attractive as it depends on adjustment costs for physical quantities rather than nominal prices, while incorporating a one-period information lag....

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth", describing the interplay between nominal frictions and money growth. When the money supply grows in the presence of price inertia (due to staggered wage contracts with time discounting), the...

This paper reviews the design and performance of monetary policy in South Africa (SA) during 1994-2004. Quantitative indexes of transparency reveal a strong rise in the transparency and accountability of monetary policy between 1994 and 2004. Inflation and interest rate expectations data and...

A recent paper by Kraay (2003) documents the lack of any systematic associationbetween monetary policy and the outcome of a speculative attack. This paper extendsKraay’s work by introducing an improved measure of monetary policy and an additionalcountry-specific fundamental, short-term...

In the aftermath of a major financial crisis in the 1990s, price stability has become an important argument of the future monetary policy stance in many emerging economies. As such, emerging economies in Asia and Latin America have switched to inflation targeting as their monetary policy. This...