Bundesbank monetary policy strategy contributed to this success. We analyze the strategy as it was conceived, communicated and … interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … policy over the period 1975-1998. We compare the Bundesbank's monetary policy rule with those of the FED and of the Bank of …

variability increases monitoring costs. We show that inflation variability can lead to higher corruption and lower investment. We … document a positive relationship between corruption and inflation variability in a sample of 75 countries. The effect is robust …: a one standard deviation increase in inflation variance from the median increases corruption by 12 percent of a standard …

monetary policy tightening, inflation upside risks are large. How can central banks restore control - and with it their own …After almost four decades of price stability, inflation has recently approached historical highs. Initially driven by … global energy and food price increases, the magnitude of the surge in inflation caught central banks and markets by surprise …

, however, is the incompleteness of its reform process: the boom-bust nature of its growth, persistently high inflation, delays …, to reduce inflation to single digits by the end of 2002. Since then, though, Turkey has experienced two financial crises … and redesigned its stabilization program to bring inflation down more gradually. This collection analyzes the nature of …