financial crisis and speeds up exit from the crisis. The downside of coordination is variability in inflation and in the …

We build a stylised 12-country model of the euro area and use it to analyse why differences in national inflation and … growth rates arise within the European monetary union. We find that inflation persistence is a key potential explanatory … mechanism across countries, count less. We also look at how a monetary policy geared to area-wide average inflation affects …

The Federal Reserve's objective, namely the dovish stance, is often blamed for the Great Inflation. A popular proxy for … the former is constructed based on the inflation coefficients in estimated Taylor rules. However, for a welfare …

Rawlsian monetary authority are: (i) a less aggressive monetary tightening, but inducing a more pronounced drop in inflation …

political business cycles, the inflation-stabilisation dilemma is discussed along with proposed solutions in the form of central … bank independence and conservativeness, incentive contracts, and inflation targets. The final section turns to current …