A flexible approach to direct inflation targeting is a viable monetary policy choice for transition economies that is … analytical model investigating the link between the inflation process and monetary variables in transition economies is advanced … that the monetary convergence begins with inflation targeting and concludes with a full-fledged euroization. It further …

There is no consensus over the importance of "global forces" on inflation. This study explores the role of structural … breaks in the inflation process, and their timing, whether it is common across countries, and the extent to which "global … forces" are relevant. Three conclusions stand out. Global inflation impacts inflation in both AE and EME, but the impact is …

We develop a theoretical model that features a business cycle-dependent relation between out- put, price inflation and … inflation expectations, augmenting the model by Svensson (1997) with a nonlinear Phillips curve that reflects the rationale … underlying the capacity constraint theory (Macklem (1997)). The theoretical model motivates our empirical assessment for the euro …

inflation environments. The results show that the macroeconomic outcome de-pends on whether the conventional or modified Taylor … rule is used, and whether the central bank is operating in a low or high inflation environment. …

"constrained discretion" to the central bank by imposing both upper and lower bounds on permissible inflation, and that these …