sustained increase in inflation. In response, the succeeding Volcker-Greenspan FOMCs rejected an activist monetary policy in … favor of a neutral policy. That policy concentrated on achieving low trend inflation and abandoned any attempt to lower … unemployment by exploiting the inflation-unemployment trade-offs promised by the Phillips curve. The success or failure of the FOMC …

The transition economies were remarkably successful in curbing the inflation that took place after the initial … transition and shocks and, more recently, most of the countries have brought inflation down to the levels found in major … have played an important role. The paper also surveys the literature on the quality of the inflation data, the extent to …