Standard open economy models predict that openness to trade should exert a positive effect on the slope of the output-inflation …

In order to understand the macroeconomic effects of inflation, it is necessary to investigate the underlying … microeconomic aspects. Inflation affects microeconomic interaction between firms and consumers in a substantial ways. Firms choose … a clear answer to the effect of inflation on welfare. On one hand, because of adjustment costs. A higher inflation is …

-side the pursuit of low inflation as an important policy goal. This is in strong contrast to the earlier literature, where …

This paper shows that inflation in industrialized countries is largely a global phenomenon. First, inflations of (22 … associated to Global Inflation is not only due to the trend components of inflation (up from 1960 to 1980 and down thereafter …) but also to fluctuations at business cycle frequencies. Second, Global Inflation is, consistently with standard models of …

In order to explain the joint fluctuations of output, inflation and the labor market, this paper first develops a … helps to explain the sluggishness of inflation and the persistence of output after a monetary policy shock. The ability of … the model to account for the joint dynamics of output and inflation rely on its ability to explain the dynamics in the …

Was the high inflation of the 1970s mostly due to incomplete information about the structure of the economy (an … unavoidable mistake as suggested by Orphanides, 2000)? Or, to weak reaction to expected inflation and/or excessive policy activism … overall empirical performance. We find that both explanations do a good job in accounting for the great inflation. Even with …

The paper analyses the short-run impact of periods of strong monetary growth on inflation dynamics for 15 …

The information content of broad money M3 for future GDP inflation in the euro area is investigated from a number of … real M3 holdings, real GDP, inflation and short- and long-term interest rates. Secondly, this empirical framework is … predictive power for future inflation. And thirdly, the P-star type of model developed is compared with an existing rival model …