This paper examines the effects of inflation and currency substitution volatility on the average rates of inflation and currency substitution for twelve emerging market economies. Using a bivariate GARCH-in-Mean model, which accommodates for asymmetric and spillover effects of inflation and currency substitution innovations on their volatilities, we find that for the majority of the countries i...

In brane inflationary scenarios, the cosmological perturbations are supposed to originate from the vacuum fluctuations of the inflaton field corresponding to the position of the brane. We show that a significant, and possibly dominant, contribution to the curvature perturbation is generated at the end of inflation through the vacuum fluctuations of fields, other than the inflaton, which are lig...

This paper examines the validity of the rational expectations hypothesis (REH) in the case of Croatian consumers and their inflation estimates. The added value of this paper in comparison to previous similar studies lies in the state space methodology, allowing the authors to test for potential time variability of the estimated relationship between actual and expected inflation. The obtained re...

Over the past twenty years, macroeconomic performance has improved in industrialized and developing countries alike. In a broad cross-section of countries inflation volatility has fallen markedly while output variability has either fallen or risen only slightly. This increased stability can be attributed to either: 1) more efficient policymaking by the monetary authority, 2) a reduction in the ...

BACKGROUND The use of Intra-aortic counterpulsation is a well established supportive therapy for patients in cardiac failure or after cardiac surgery. Blood pressure variations induced by counterpulsation are transmitted to the cerebral arteries, challenging cerebral autoregulatory mechanisms in order to maintain a stable cerebral blood flow. This study aims to assess the effects on cerebral au...

N recent years, many countries have experienced “stagflation,” a period of high and rising inflation and unemployment. Over this time, higher inflation increasingly has come to be blamed for higher unemployment and reduced growth of real output. This contrasts sharply with previously held notions that there was either a long-run tradeoff between inflation and unemployment or a “natural rate of ...