financial system; Inflation and deflation; Analysis; A macroeconomic model; Europe before the euro; The situation with the euro …

We empirically characterize episodes of large inflation surges that have been observed worldwide in the last three … decades. We document four facts. (1) Inflation surges tend to be persistent, with the duration of disinflation exceeding that … of the initial inflation increase. (2) Surges are initially unexpected but followed by a gradual catch-up of average …

new monetary policy has been the main instrument of policy under the guise of inflation targeting, an approach pursued by …

monetary policy has been the main instrument of policy under the guise of inflation targeting, an approach pursued by a number …