In Canada, targeting the inflation rate was intended as a temporary measure on a journey to price-level stability, but … account, changing beliefs about the stability or otherwise of ongoing inflation, the capacity of a flexible exchange rate to … inflation targeting arrived on the scene only after the Canadian regime was well established. …

responds to inflation and output volatility, especially during economic crises. This framework offers a promising alternative …

This paper studies the behavior of inflation after nine large post-1990 contractionary devaluations. A salient feature … of the data is that inflation is low relative to the rate of devaluation. We argue that distribution costs and …