by the announcement of inflation targeting in 1991 when estimating the effects of monetary policy. For instance, we find …

movements do not have an impact on inflation, as aggregate rules of thumb mask substantial heterogeneities across countries … deviations of inflation from target, including those relating to exchange rate fluctuations. Moreover, under the effective lower … inflation. …

movements do not have an impact on inflation, as aggregate rules of thumb mask substantial heterogeneities across countries … deviations of inflation from target, including those relating to exchange rate fluctuations. Moreover, under the effective lower … inflation. …

economies, we find that the main driver of consumer price inflation is the global demand shock. A negative global demand shock …

rates of inflation if the two assets are highly substitutable under the baseline scenario. After the benchmark economy is … implies that, higher currency substitution is welfare enhancing for high inflation rates but not for moderate and low … inflation rates. In other words, currency substitution is not necessarily welfare enhancing. …

reduce inflation and limit the real appreciation of the rouble. Given the strength of Russia’s balance of payments during the … interventions which were only partially sterilised. As a result, inflation remained persistently high. During the global financial … greater exchange rate flexibility should be permitted since (i) commodity exporting countries can successfully run inflation …