We analyze the impact of price stability-oriented monetary strategies (inflation targeting — IT — and constraining … exchange rate arrangements) on inflation persistence using a time-varying coefficients framework in a panel of 68 countries … (1993–2013). We show that explicit IT has a stronger effect on taming inflation persistence than implicit IT and is …

experiment of the past decade, stemming from a belief of the government that higher interest rates cause higher inflation … eventually a negative coefficient on inflation in the policy rule. In such an environment, was the exchange rate still a random … walk? Was inflation anchored? Does the “standard model” suffice to explain the broad contours of macroeconomic outcomes in …

This paper discusses perceived benefits and disadvantages of direct inflation targeting for economies in transition in … Central Europe. It examines the experience of net inflation targeting in the Czech Republic and of CPI forecast targeting … regimes in Poland, providing specific suggestions for enhancing transparency of monetary policy. Inflation targeting is …

rates of inflation if the two assets are highly substitutable under the baseline scenario. After the benchmark economy is … implies that, higher currency substitution is welfare enhancing for high inflation rates but not for moderate and low … inflation rates. In other words, currency substitution is not necessarily welfare enhancing. …

In this paper, we argue that inflation targeting could be the future of Tunisia's monetary policy. Monetary targeting … reserves, current account deficit, and inflation differentials with main trading partners. The Central Bank of Tunisia has … already made important progress toward inflation targeting. The paper evidences the existence of increasingly effective …

The transition economies were remarkably successful in curbing the inflation that took place after the initial … transition and shocks and, more recently, most of the countries have brought inflation down to the levels found in major … have played an important role. The paper also surveys the literature on the quality of the inflation data, the extent to …

outcomes and fragility and find the combination of reduction of inflation and lower unemployment to be the one that delivers …, results from our analysis broadly confirm the above “winning” combination, with low inflation as a primary desired outcome and …