In this paper we analyse the use of inflation targeting as a device to facilitate inflation convergence of countries … outside EMU to the EMU-inflation rate, and compare it with exchange rate pegging. We find that inflation targeting suffers … from a similar credibility problem as a policy of exchange rate pegging. We also find, however, that inflation targeting is …

at containing inflation and the deviation of output from potential within pre-specified bounds. We develop formal tools … this loss function under weak assumptions may be estimated from realizations for inflation and output gap data even in the … parameters with respect to the inflation and output objectives during the Greenspan period. We formally test for and reject the …

indicator and forecasting properties of the real interest rate gap for inflation, both in the model and in the data. Our results … suggest that the real interest rate gap has value as an inflation indicator, supporting the ‘neo-Wicksellian framework …

steady-state increase in seigniorage revenue. In fact, the inflation rate slightly exceeds the seigniorage-maximizing rate …

looks at the relationship between inflation, relative prices and inefficiency. Inter alia, there is a critique of the way …, the relation between inflation and the stock market is discussed. …

difference of policies and outcomes for each party over an electoral period. Under discretion inflation is 10-30 per cent higher … than under precommitment and unemployment is temporarily and modestly lower; under precommitment inflation is negligible …

exercised a counter-inflationary leadership role in the 1980s. Evidence is provided that expectations of German inflation may be … thought of as having impacted more strongly on expectations of inflation in other EMS countries in the EMS period than on non …-EMS countries (the UK) and in earlier periods. Co-integration tests show inflation rates in partner EMS member countries to be …