Emerging market and developing economies (EMDEs) have experienced an extraordinary decline in inflation since the early … 1970s. After peaking in 1974 at 17.3 percent, inflation in these economies declined to 3.5 percent in 2017. Despite a … checkered history of managing inflation among many EMDEs, disinflation occurred across all regions. This paper presents a …

In the past four to five decades, inflation has fallen around the world, with median annual global consumer price … inflation down from a peak of 16.6 percent in 1974 to 2.6 percent in 2017. This decline began in advanced economies in the mid …-1980s and in emerging market and developing economies in the mid-1990s. By 2000, global inflation had stabilized at …

Emerging market and developing economies (EMDEs) have experienced an extraordinary decline in inflation since the early … 1970s. After peaking in 1974 at 17.3 percent, inflation in these economies declined to 3.5 percent in 2017. Despite a … checkered history of managing inflation among many EMDEs, disinflation occurred across all regions. This paper presents a …

. To illustrate, when cash prices are equally distorted in both models equally large welfare costs of inflation are …. We report that the different approach to modeling money - reduced-form vs. explicit role - neither induces theoretical … mechanism that governs cash transactions, not the explicit microfoundation of money. …