This paper explores the business cycle in Bulgaria and the Baltic countries: Estonia, Latvia and Lithuania during the …

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 …

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 …

of money, it causes inflation, in the absence of monetary intervention. If the monetary authority attempts to restore pre … credit cards, there is even more inflation, and less efficiency gains. The monetary authority might then have to accept less … than pre-credit card efficiency in order to restore pre-credit card price levels, or else it will have to accept inflation …