We empirically investigate the costs and benefits of going from low inflation to price stability in the case of Germany … reducing the trend rate of inflation by 2 percentage points exceeds the temporary costs in terms of output losses is below 0 ….3% of GDP. We analyze the welfare implications of the interactions even of moderate rates of inflation with the distorting …

inflation, importantly including a higher cost of a crisis when the economy is weaker. For existing empirical estimates, costs …

, however, is the incompleteness of its reform process: the boom-bust nature of its growth, persistently high inflation, delays …, to reduce inflation to single digits by the end of 2002. Since then, though, Turkey has experienced two financial crises … and redesigned its stabilization program to bring inflation down more gradually. This collection analyzes the nature of …