We thank Mike Cox, Greg Huffman, Eric Leeper, John Welch, Mark Wynne, and, especially, Evan Koenig and Ellis Tallman for very helpful comments on earlier drafts of this article, as well as Steven Prue for excellent research assistance and Rhonda Harris and Monica Reeves for careful editorial review. Any remaining errors are our own responsibility. A four countries has been mixed, as Table 1 ind...

We thank Mike Cox, Greg Huffman, Eric Leeper, John Welch, Mark Wynne, and, especially, Evan Koenig and Ellis Tallman for very helpful comments on earlier drafts of this article, as well as Steven Prue for excellent research assistance and Rhonda Harris and Monica Reeves for careful editorial review. Any remaining errors are our own responsibility. A four countries has been mixed, as Table 1 ind...

Central banks announce specific inflation targets to help anchor inflation expectations and to raise the level of monetary policy credibility (see Debelle and Stevens (1995)). Generally, however, it is argued that in setting inflation targets, there is a trade-off between credibility and flexibility. Targets also provide a yardstick against which the central bank’s success can be measured, allo...

Using the statistical technique of fuzzy clustering, regimes of inflation and unemployment are explored for the United States, the United Kingdom and Germany between 1871 and 2009. We identify for each country three distinct regimes in inflation/unemployment space. There is considerable similarity across the countries in both the regimes themselves and in the timings of the transitions between ...

For a central bank to fulfil its price stability mandate, the accurate assessment of inflation expectations is of crucial importance. Market participants gauging long-term investments have similar concerns about inflation. Traditionally, inflation expectations have been derived from models or through surveys of market participants’ opinions. In the mid to late 1990s financial markets started to...

this paper surveys the persian monetary crises due to economic sanctions and speculative attacks that leads to high inflation. economic sanctions are associated with various forms of trade barriers and restriction on financial transactions. among the most influential sanctions on iran's oil export and central bank sanctions are noted that their aims to reduce iran's oil revenues and devaluation...

This paper investigates the existence of trade-off relationship between unemployment and inflation in the Jordanian economy between 1984 and 2011. Each of Granger-causality test is adopted to check relationship between variables and the direction of causation. Since these techniques are sensitive to stationary, integration and co-integration of the variables ADF and PP tests is applied to test ...

One approach to the relationship between trade and monetary zones is through recalling the three uses of money: means of settlement, numeraire, and store of value. The first two of these bring money and trade together, but the third is a separate matter. The rate of inflation can be chosen apart from the trade regime. For this reason it has not been self-evident whether the frontiers of monetar...