inflation combined with a free float seems to be the ultimate option. The paper shows how to design and operationalize such a …

low long-run inflation objective, operational independence for the People's Bank of China (PBC) with formal strategic … interest rate fluctuations). We argue that anchoring monetary policy with an explicit inflation objective would be the most … reliable way for the PBC to tie down inflation expectations, and thereby enable monetary policy to make the best contribution …

sub-Saharan African countries on the relative importance of fiscal and monetary determinants of inflation. Based on the … dynamic response of inflation to different shocks, including nominal public debt, results show that a number of SSA countries … of inflation variability, as predicted by the fiscal theory of the price level. …

Inflation targeting (IT) serves as monetary policy framework in several advanced economies, where it has enhanced … instruments to inflation. These prerequisites are largely absent among developing countries, though several of them could with … some further institutional changes and an overriding commitment to low inflation make use of an IT framework. …

This paper examines the implications of inflation persistence for the inverted Fisher hypothesis that nominal interest … rates do not adjust to inflation because of a high degree of substitutability between money and bonds. It is emphasized that … the substitutability between nominal assets and capital renders the hypothesis inconsistent with the data when inflation …

) has been to raise inflation targets to provide more room for policy rate easing during crises. This paper addresses a … different issue: the relationship between inflation and welfare. The literature is surveyed and a model is developed. A key … conclusion is that an increase in inflation targets gives rise to additional welfare costs, even after the extra room to maneuver …