This paper studies inflation dynamics during 25 historical episodes in advanced economies where output remained well …, underpinned by weak labor markets, slowing wage growth, and, in many cases, falling oil prices. Indeed, inflation declined by … about the same fraction of the initial inflation rate across episodes. That said, disinflation has tended to taper off at …

stability, a low and stable inflation is required, an independent central bank having the means and the tools to pursue it as … opposed to governments that through its spending often trigger high inflation rates; 2. an independent central bank can signal … effective and credible inflation expectations by implementing an effective monetary policy. In our opinion, over the last twenty …

increased, we find that, as of September 2002, with the exception of Japan, there is no evidence of substantial deflation risks …. We also put the estimates of deflation risk for the United States, Germany and Japan into historical perspective. We find … that only for Japan there is evidence of deflation risks that are unusually high by historical standards. …

employs bivariate cointegration methodology to examine the long-term relationship between inflation index and the different …

Japan has the most rapidly aging population in the world. This affects growth and fiscal sustainability, but the … potential impact on inflation has been studied less. We use the IMF’s Global Integrated Fiscal and Monetary Model (GIMF) and … advanced countries as well, but we find that deflation risk from aging is not inevitable as ambitious structural reforms and an …

This Selected Issues paper examines the acceleration of inflation over the past year in Chile, identifying domestic … compares it with alternative policy rules. The paper concludes that Chile’s framework based on an explicit inflation target, a …

The recent global financial crisis has exposed the limitations of a conventional inflation targeting framework in … and inflation. Possible refinements to the inflation targeting framework in Korea were investigated by taking into account … business cycle fluctuations by mitigating the buildup of factors that lead to large fluctuations in output and inflation. …