1908-2010. It is shown that although oil has been produced in Iran over a very long period, its importance in the Iranian … revenues when managed appropriately are a blessing, but their volatility (which in Iran is much higher than oil price … volatility) can have adverse effects on real output, through excessively high and persistent levels of inflation. Lack of …

Do central banks in Eastern European countries react asymmetrically and in a non-linear fashion to changes in inflation … and output? We tackle this question by expanding the standard Taylor reaction function for the four inflation targeting … countries Czech Republic, Hungary, Poland and Romania. We do so taking explicitly inflation rates below or above target and …