The West African Monetary Zone is a proposed monetary union among the nations of The Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone. A key characteristic for a well-functioning common currency is convergence in inflation rates among constituent members. A failure to achieve convergent...

We examine inflation and uncertainty in the UK with a version of the Markov Switching model, which allows for changes in the variance as well as in the mean and persistence of a series. We find that the UK’s attempts at exchange rate pegs in the form of shadowing the deutschmark and entering...

Given the costs to real output that inflation uncertainty has been shown to impose, two recent papers have investigated the interaction of inflation and uncertainty for a group of emerging market nations. Both papers find that an increase in inflation almost invariably increases uncertainty in...