micro-based banking production, enables a contrasting characterization of the two great volatility cycles over the … historical period of 1919-2004, and enables this puzzle to be addressed more easily. The volatility divergence is explained by … the upswing in the credit volatility that kept money supply variability from translating into inflation and GDP volatility. …

volatility raises inflation; (2) the Friedman hypothesis that inflation raises inflation volatility; and (3) the Black hypothesis … that output volatility raises output growth, and that output volatility reduces inflation. For Brazil, we do not find any …

core inflation measures developed in this paper include weighted median, trimmed mean and volatility-based measures along … to pre-defined criteria including unbiasedness, reduced volatility, trend tracking ability and predictive ability … volatility-based core measures perform relatively better compared to permanent exclusion-based methods. The study also provides …