Monetary dynamics in post inflation Bolivia

Doing Without Money: Controlling Inflation in a Post-Monetary World

Central banks now generally agree that conventional monetary aggregates are of little use as targets or even indicators for monetary policy, owing to the instability of money demand relations in economies with well-developed financial markets. But monetary theory has provided little guidance for the analysis of policies that are not formulated in terms of a path for the money supply, and a stab...

Essays in inflation and monetary dynamics in developing countries

Modeling U . S . Inflation Dynamics : Persistence and Monetary Policy Regimes

The fact that U.S. inflation has been remarkably low and stable over the past two decades prompts questions as to whether or not inflation persistence has changed to a lower level too. This paper employs the recently developed structural stability test with multiple regime shifts to model U.S. inflation dynamics over the past half century. Our empirical results suggest that the persistence of i...

Does European Monetary Union make inflation dynamics more uniform?

Using a nonparametric method to characterize Markovian operators, we describe the evolution of the short-run inflation processes among the EMU countries between 1996 and 2012. While a progressive clustering pattern can be outlined in the first half of the period showing that the monetary union makes price dynamics more homogeneous starting from 2004 an increase in price volatility makes the clu...

Inflation Dynamics in a Dutch Disease Economy

Abstract In this paper, the effect of foreign sector macro-variable on inflation dynamics and firms’ pricing behavior has been investigated in the context of a small open economy New Keynesian Phillips Curve. This curve is derived and estimated for a developing oil-exporting economy suffering from Dutch Disease. This version of NKPC is an extension of Leith and Malley’s (2007) small open econom...