The paper contains a retrospective analysis of macroeconomic policy and reforms in the countries of the former Soviet …

rule (MT) that takes both debt and inflation into consideration exaggerates the trade-off between short-run and long …-run multipliers. In addition, we show that relative to seiniorage, inflation and changes in the discount factor play more important …

inflation in order to stabilize the expectations of households, firms and innovators. Endogenous growth provides a self … debt-stabilizing inflation when current fiscal deficits are not backed by future fiscal surpluses. Because growth creates … unique stable equilibrium, provided that the policy permits r−g to fall with inflation. …

deficits which backs debt and attenuates fiscal inflation. A dynamic r -- g stability criterion characterizes the set of … with inflation. Monetary policy which follows the Taylor principle can be consistent with a unique stable equilibrium under …

households. Then, in contrast to the active monetary and passive fiscal policy regime, inflation moves oppositely from the … inflation target and a stronger reaction of interest rates to inflation increases the response of inflation to shocks. Moreover …, a higher level of public debt increases the response of inflation while a weaker reaction of taxes to debt decreases the …

minimizing the variance of inflation as the policy objective. Following current developments in the theory of fiscal … monetary policies. The responses of inflation to various structural disturbances in the constant money growth rate …

We develop a theoretical framework to account for the observed instability of the link between inflation and fiscal … bank that has full control over inflation. When policy makers deviate from this Virtuous regime, agents conduct Bayesian … pessimistic about a prompt return to the Virtuous regime and inflation starts drifting in response to a fiscal imbalance. Shocks …