restructuring arises as an integral part of capital accumulation. On the aggregate level, inflation appears as stagflation, with the … framework for inflation as a process of restructuring. Contrary to existing theories of inflation, which tend to take structure … and institutions as given for the purpose of analysis, we argue that inflation could be understood only in terms of …

to output contraction and price inflation in the face of unanticipated currency depreciation. In contrast, the reduction … in net exports determines output contraction without reducing price inflation in the face of unanticipated currency …

, through the supply channel, has limited effects on output growth and inflation. Unanticipated currency fluctuations appear … more significant, with varying effects on output growth and price inflation across developing countries. …

of inflation, balance of payments, and productivity growth. …

This paper revisits the phenomenon of stagflation. Using a standard New Keynesian dynamic, stochastic general … equilibrium model, we show that stagflation from monetary policy alone is a very common occurrence when the economy is subject to … both deviations from the policy rule and a drifting inflation target. Once the inflation target is fixed, the incidence of …