regression models and provide a discussion of the impact on the formation of inflation expectations in the presence of multiple … and recurrent changes in inflation regimes. Our empirical findings give a plausible explanation as to why the rational …-expectations hypothesis based on direct measures of inflation expectations from survey series is typically rejected because of large …

In many countries, low and stable inflation is the focus of monetary policy. Recent empirical evidence from developing … countries indicates, however, that the costs of reducing inflation are disproportionately borne by women. This paper seeks to …

This paper deals with the analysis of inflation in Latin America across the 20th century. We use annual data from 18 … countries using a methodology based on fractional integration. However, given the structure of the inflation rates in these …

this strategy and thus anchored inflation expectations. Secondly, in order to ensure the sustainability of the regime, the …

We study the dynamics of inflation persistence in 45 countries for the period 1960-2008. We use a nonparametric unit … inflation data, and a test for multiple changes in persistence, which decomposes the sample information between adjacent I(0 …) and I(1) periods. We find that (1) With very few exceptions, inflation around the world rejects a unit root, (2) for …

modeling the life-cycle may be important when addressing public policy issues, in this case the welfare costs of inflation. In … the representative agent model, the optimal inflation rate is characterized by the Friedman rule: deflate at the real … interest rate. In the corresponding life-cycle model, the optimal inflation rate is quite high: for the benchmark calibration …

This paper reassesses the long-run relation between nominal interest rates and inflation using German data. It shows … adjusting to changes in inflation, can be attributed to the particular time series behavior of inflation and interest rates … bivariate system of inflation and interest rates depends on the level of the variables and should be modeled as a threshold …

This paper reexamines the inflation bias of time-inconsistent monetary policy. A benevolent government can eliminate … collecting the inflation tax. Such government has no use for normative solutions of the inflation problem. The paper also … choosing target values. On the hypothesis that the bakers; non-pecuniary payoff depends on expected inflation, they will …