In Ireland the link between real disequilibrium (such as the unemployment gap) and inflation (either price or wage) is blurred by external factors, operating through traded goods price inflation. Attempts to extract information about the unobservable NAIRU from aggregate inflation measures, such as the HICP or wages inflation, are likely to be swamped by these external factors. This paper uses ...

In this talk we propose a natural double inflation model in supergravity. Chaotic inflation first takes place by virtue of the Nambu-Goldstone-like shift symmetry. During chaotic inflation, an initial value of second inflation (new inflation) is set, which is adequately far from the local maximum of the potential due to the small linear term in the Kähler potential. Then, primordial fluctuation...

This paper tests for and estimates relationships among inflation, financial market development (FMD), and growth. This trivariate relationship changes across a statistically robust inflation threshold of about 14%. Below 14%, the relationship between growth and FMD is positive; above 14%, the relationship between growth and inflation is negative. The interaction between FMD and inflation has a ...

The European Monetary Institute have narrowed down the choice of candidate strategies for a single monetary policy within European Monetary Union to inflation targets or monetary aggregate targets. In practice it is unlikely to be a simple choice between these targets, since all monetary authorities that currently pursue either of these strategies also monitor a wide set of economic and financi...

Finding a monetary regime that can deliver some form of price stability, as well as satisfactory economic performance, always has been explained more convincingly in theory than in practice. Consequently, governments have, over time, experimented with policies ranging from some metallic standard (for example, gold, silver, or bimetallic) to various forms of exchange rate pegging (for example, B...

O ne of the more important challenges facing policymakers is that of assessing inflation expectations. Goodfriend (1997) points out that one can interpret the meaning of a given interest rate policy action primarily in terms of its impact on the real rate of interest. However, evaluating this impact requires not only that one understands the various links between the nominal rate and expected i...

Few studies have empirically examined the possibility of nonlinearity in inflation and tested nonlinear stationarity of the inflation rates. The present study thus intends to fill the gap. The study examines the hypothesis that, for a group of countries having exercised target-zone type stabilization policies with their inflation eventually converging to similar low levels, their inflation rate...

BACKGROUND Health price inflation rate is different from increasing in health expenditures. Health expenditures contain both quantity and prices but inflation rate contains prices. This study aimed to determine the factors that affect the Inflation Rate for Health Care Services (IRCPIHC) in Iran. METHODS We used Central Bank of Iran data. We estimated the relationship between the inflation ra...

In this paper we explore the degree of anchoring of inflation expectations of consumers by analysing the comovement in shortand long-run expectations. If inflation expectations are firmly anchored, a transitory shock should influence the short-run inflation expectations but not effect long-run inflation expectations. Utilizing the University of Michigan Survey of Consumer’s rotating panel micro...

This lecture describes the United Kingdom’s experience with inflation targeting. It provides an historical perspective to the introduction of inflation targeting, discusses the concept of inflation targets, and compares an inflation targeting regime with money supply and exchange rate targeting regimes. It is noteworthy that inflation targeting is based on the assumption that low inflation is t...