We study the dynamics of topological defects in the context of “topological inflation” proposed by Vilenkin and Linde independently. Analysing the time evolution of planar domain walls and of global monopoles, we find that the defects undergo inflationary expansion if η > ∼ 0.33mP l, where η is the vacuum expectation value of the Higgs field and mP l is the Planck mass. This result confirms the...

We derive inflation from M-theory on S/Z2 via the non-perturbative dynamics of N M5-branes. The open membrane instanton interactions between the M5-branes give rise to exponential potentials which are too steep for inflation individually but lead to inflation when combined together. The resulting type of inflation, known as assisted inflation, facilitates considerably the requirement of having ...

This paper revisits the Chilean experience with Inflation Targeting in the last 16 years with focus on a number of institutional characteristics that have favored or have even been a prerequisite for a good track record of inflation control. It also reviews particular macroeconomic outcomes, including changes in inflation dynamics, and a few selected practical issues, including the role of infl...

The inflow of foreign remittances in Pakistan has been an important source of foreign exchange in Pakistan while economy of Pakistan being a consumption oriented society /economy makes it interesting to explore the nexus between foreign remittances and inflation in Pakistan. For this purpose, the present study attempts to examine the impact of foreign remittances on inflation in Pakistan coveri...

The canonical inflation specification in sticky-price rational expectations models (the new-Keynesian Phillips curve) is often criticized on the grounds that it fails to account for the dependence of inflation on its own lags. In response, many recent studies have employed a “hybrid” sticky-price specification in which inflation depends on a weighted average of lagged and expected future values...

t Wilkie's stochastic investment model and its variants have been increasingly applied by actuaries around the world to actuarial modeling and simulation. This paper performs time series outlier analysis on retail price inflation, which is the driving force of Wilkie's composite model. The data come from four developed countries: the United Kingdom, the United States, Canada, and Australia. The...

Using an estimated DSGE model that features monetary and fiscal policy interactions and allows for equilibrium indeterminacy, we find that a passive monetary and passive fiscal policy regime prevailed in the pre-Volcker period while an active monetary and passive fiscal policy regime prevailed post-Volcker. Since both monetary and fiscal policies were passive pre-Volcker, there was equilibrium ...

Abstract Using an estimated DSGE model that features monetary and fiscal policy interactions and allows for equilibrium indeterminacy, we find that a passive monetary and passive fiscal policy regime prevailed in the pre-Volcker period while an active monetary and passive fiscal policy regime prevailed post-Volcker. Since both monetary and fiscal policies were passive pre-Volcker, there was equ...

In this paper we formulate a baseline disequilibrium AS-AD model and empirically estimate it with time series data for the US-economy. The version of the model used here exhibits a Phillips-curve, a dynamic IS curve and a Taylor interest rate rule. It is based on sticky wages and prices, perfect foresight of current inflation rates and adaptive expectations concerning the inflation climate in w...