acceptable. When asset market constraints bind, the model can deliver low real interest rates and positive rates of inflation at …

. Over the same period the volatility of inflation has declined in most countries. Many previous papers argue that financial … globalisation has led to improved policy-making and lower inflation. This paper makes the case that there could be causation running … in the other direction. We present theory and empirical evidence indicating that more stable inflation leads to a …

countries with high inflation, the output effects of monetary policies are significantly reduced. A lot of variation in the …

countries with high inflation, the output effects of monetary policies are significantly reduced. A lot of variation in the …

similar result holds for inflation: to bring inflation to their desired rate, individuals would be willing to sacrifice around … 5% of their consumption. Willingness to pay to eliminate business cycles and inflation is generally higher for those …

countries with high inflation, the output effects of monetary policies are significantly reduced. A lot of variation in the …

aggressive monetary policies which results in less inflation volatility and persistence. We find this pattern emerges strongly …