interest rate, the study found evidence for the popular Fisher's effect and, then, suggested that inflation targeting should be …

economies (TEs). Design/methodology/approach – The paper discusses monetary policy rules, inflation targeting, political risk … monetary policy leads to an ambiguity premium on inflation. Originality/value – The paper advocates a simple monetary policy …

, 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 …

stronger bargaining position when they try to prevent a cut in money wages. If inflation is so low that some money wages have … to be cut, workers stronger bargaining position requires higher unemployment in equilibrium. However, inflation is more … stable when money wage rigidity binds, providing an incentive for monetary policy makers to choose a low target for inflation …