Emerging market and developing economies (EMDEs) have experienced an extraordinary decline in inflation since the early 1970s. After peaking in 1974 at 17.3 percent, inflation in these economies declined to 3.5 percent in 2017. Despite a checkered history of managing inflation among many EMDEs,...

Emerging market and developing economies (EMDEs) have experienced an extraordinary decline in inflation since the early 1970s. After peaking in 1974 at 17.3 percent, inflation in these economies declined to 3.5 percent in 2017. Despite a checkered history of managing inflation among many EMDEs,...

Nowadays, with the diffusion of inflation targeting, the main instrument that central banks use to achieve final objectives in the implementation of monetary policy (concerning inflation and unemployment) is the interest rate. Furthermore, recent studies point out that central bank transparency...

Nowadays, with the diffusion of inflation targeting, the main instrument that central banks use to achieve final objectives in the implementation of monetary policy (concerning inflation and unemployment) is the interest rate. Furthermore, recent studies point out that central bank transparency...

Most central banks are required to or choose to stabilize a price index, largely by manipulating short term interest rates. A serious problem is which index to choose among the national income deflator, wholesale prices, the cost of living, with or eliminating highly volatile commodities such as...

We review the literature regarding the impact of financial innovation on the monetary transmission mechanism and on the way the central bank can achieve its ultimate goal, that is to control the price level. We argue that, although the form ofcentral bank instruments and current methods for...

Most central banks are required to or choose to stabilize a price index, largely by manipulating short term interest rates. A serious problem is which index to choose among the national income deflator, wholesale prices, the cost of living, with or eliminating highly volatile commodities such as...

We review the literature regarding the impact of financial innovation on the monetary transmission mechanism and on the way the central bank can achieve its ultimate goal, that is to control the price level. We argue that, although the form ofcentral bank instruments and current methods for...

Low price inflation is an official monetary policy target in many countries because of the positive effects it may generate on economic growth. However, if nominal wage rigidities exist, low price inflation may have a negative effect on economic growth. In this paper we test whether there exists...

Low price inflation is an official monetary policy target in many countries because of the positive effects it may generate on economic growth. However, if nominal wage rigidities exist, low price inflation may have a negative effect on economic growth. In this paper we test whether there exists...