consistent with the view that the Fed’s inflation preferences during the Volcker-Greenspan regime differ considerably from the …

Countries that have pursued distortionary macroeconomic policies, including high inflation, large budget deficits and … misaligned exchange rates, appear to have suffered more macroeconomic volatility and also grown more slowly during the postwar … more ‘extractive’ institutions from their colonial past were more likely to experience high volatility and economic crises …

the upswing in the credit volatility that kept money supply variability from translating into inflation and GDP volatility. … volatilities away from the downward trending GDP and inflation volatilities. Using an en dogenous growth monetary DSGE model, with … micro-based banking production, enables a contrasting characterization of the two great volatility cycles over the …

ongoing, inflation uncertainty seems to play a large role. Finally, while modern finance theory prices bonds and other assets …

This paper has three parts. Part 1 constructs a classical economic model of inflation, augmented by a complete set of … core monetary model explains the history of inflation after WWII and Part 3 provides evidence to show that the … unconventional monetary policy, followed in the wake of the 2008 financial crisis, was effective in stabilizing inflation …

monetary and fiscal policy we find that the persistence and volatility of inflation depends on the sign, size and maturity … issue only nominal non-contingent bonds we examine the implications for optimal inflation of changes in the level and … given. We identify the main mechanisms through which inflation is affected by debt and debt maturity (a real balance effect …

expected means of future interest rates, exchange rates and inflation. More recently, these methods have been refined to rely …

interest rates. Three factors explain the different preferences. First, politicians put relatively less weight on inflation …

United States during the 1990s. Proponents of this approach recommend that, when inflation is moderate but still above the … long-run objective, the central bank should not move immediately to fight inflation, but rather wait for exogenous … circumstances — such as favourable supply shocks and unforeseen recessions — to deliver the desired reduction in inflation. While …