For over a decade of practicing inflation targeting (IT) strategy, inflation has remained high and persistent while … management in Ghana by reducing average inflation rate, boosting average growth rate and dampening the cyclical oscillations in … both output and inflation. We however find a slower pace of disinflation in Ghana, underpinning the high inflation inertia …

economic conditions and monetary policy are affected by news, and our estimation links the two effects. This enables us to … changed: the output response vanished, and the inflation response path became more gradual but larger in long-run magnitude …. In a standard model we show that output smoothing caused by a larger inflation response magnitude is offset by the more …

This paper proposes a theory of the fiscal foundations of inflation based on imperfect knowledge and learning. The … theory is similar in spirit to, but distinct from, unpleasant monetarist arithmetic and the fiscal theory of the price level … scale and composition of the public debt, matter for inflation. As a result, fiscal policy constrains the efficacy of …

population growth has lowered both the natural rate and inflation by about 0.4 percentage points in recent decades. …

employment), inflation and the price level. This paper assesses how these tradeoffs have evolved over time and varied across … outcomes and tradeoffs. We also calculate Sacrifice Ratios (output losses per inflation reduction) and document a historically …