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This book's central theme is that a policymaker's role is to enhance the public's ability to coordinate their price information, price expectations, and economic activities. This role is fulfilled when policymakers maintain inflation stability. Inflation persists less when an implicit or explicit inflation target is met. Granato and Wong argue that inflation persistence is reduced when the public substitutes the prespecified inflation target for past inflation. A by-product of this co-ordination process is greater economic stability. In particular, inflation stability contributes to greater economic output stability, including the potential for the simultaneous reduction of both inflation and output variability - inflation-output co-stabilization (IOCS). Granato and Wong use historical, formal, and applied statistical analysis of business-cycle performance in the United States for the 1960 to 2000 period. They find that during periods when policymakers emphasize inflation stability, inflation uncertainty and persistence were reduced.

Economic policy. --- Business cycles. --- Inflation (Finance) --- Finance --- Natural rate of unemployment --- Economic cycles --- Economic fluctuations --- Cycles --- Economic nationalism --- Economic planning --- National planning --- State planning --- Economics --- Planning --- National security --- Social policy --- Social Sciences --- Political Science

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We use cross-section and time-series techniques to analyze pricing behavior in Sierra Leone. In cross-sectional data, we find that inflation volatility and product diversification are the main factors explaining differences in the frequency of price adjustments. We show that variance in the fraction of prices subject to change is a key determinant of inflation volatility in Sierra Leone, indicating that retail prices are sensitive to economic events. We explain variations in this fraction over time with past inflation and monetary growth, which are important policy variables.

Electronic books. -- local. --- Inflation (Finance) -- Sierra Leone -- Econometric models. --- Pricing -- Sierra Leone -- Econometric models. --- Finance --- Business & Economics --- Money --- Inflation (Finance) --- Pricing --- Econometric models. --- Price policy --- Price policy, Industrial --- Retail pricing --- Marketing --- Natural rate of unemployment --- Inflation --- Macroeconomics --- Price Level --- Deflation --- Agriculture: Aggregate Supply and Demand Analysis --- Prices --- Consumer price indexes --- Food prices --- Inflation persistence --- Sticky prices --- Price indexes --- Sierra Leone

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Statistical offices try to match item models when measuring inflation between two periods. For product areas with a high turnover of differentiated models, however, the use of hedonic indexes is more appropriate since they include the prices and quantities of unmatched new and old models. The two main approaches to hedonic indexes are hedonic imputation (HI) indexes and dummy time hedonic (DTH) indexes. This study provides a formal analysis of the difference between the two approaches for alternative implementations of the Törnqvist "superlative" index. It shows why the results may differ and discusses the issue of choice between these approaches.

Electronic books. -- local. --- Inflation (Finance). --- Price indexes. --- Finance --- Business & Economics --- Money --- Inflation (Finance) --- Price indices --- Index numbers (Economics) --- Natural rate of unemployment --- Investments: Metals --- Finance: General --- Macroeconomics --- Price Level --- Inflation --- Deflation --- Metals and Metal Products --- Cement --- Glass --- Ceramics --- General Financial Markets: General (includes Measurement and Data) --- Investment & securities --- Consumer price indexes --- Silver --- Price indexes --- Commodity markets --- Commodity exchanges --- United States

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Adequate modeling of the seasonal structure of consumer prices is essential for inflation forecasting. This paper suggests a new econometric approach for jointly determining inflation forecasts and monetary policy stances, particularly where seasonal fluctuations of economic activity and prices are pronounced. In an application of the framework, the paper characterizes and investigates the stability of the seasonal pattern of consumer prices in the Kyrgyz Republic and estimates optimal money growth and implied exchange rate paths along with a jointly determined inflation forecast. The approach uses two broad specifications of an augmented error-correction model-with and without seasonal components. Findings from the paper confirm empirical superiority (in terms of information content and contributions to policymaking) of augmented error-correction models of inflation over single-equation, Box-Jenkins-type general autoregressive seasonal models. Simulations of the estimated errorcorrection models yield optimal monetary policy paths for achieving inflation targets and demonstrate the empirical significance of seasonality and monetary policy in inflation forecasting.

Electronic books. -- local. --- Inflation (Finance) -- Forecasting. --- Monetary policy. --- Finance --- Business & Economics --- Money --- Inflation (Finance) --- Forecasting. --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Natural rate of unemployment --- Foreign Exchange --- Inflation --- Macroeconomics --- Forecasting --- Price Level --- Deflation --- Forecasting and Other Model Applications --- Currency --- Foreign exchange --- Economic Forecasting --- Consumer prices --- Exchange rates --- Consumer price indexes --- Economic forecasting --- Prices --- Price indexes --- Kyrgyz Republic

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The Maastricht inflation criterion, designed in the early 1990s to bring "high-inflation" EU countries in line with "low-inflation" countries prior to the introduction of the euro, poses challenges for both new EU member countries and the European Central Bank. While the criterion has positively influenced the public stance toward low inflation, it has biased the choice of the disinflation strategy toward short-run, fiat measures-rather than adopting structural reforms with longer-term benefits-with unpleasant consequences for the efficiency of the eurozone transmission mechanism. The criterion is also unnecessarily tight for new member countries as it mainly reflects cyclical developments.

Deflation (Finance) -- European Union countries. --- Electronic books. -- local. --- European Union countries -- Economic conditions. --- European Union countries -- Economic policy. --- Inflation (Finance) -- European Union countries. --- Finance --- Business & Economics --- Money --- Deflation (Finance) --- Inflation (Finance) --- European Union countries --- Economic conditions. --- Economic policy. --- Disinflation --- Natural rate of unemployment --- Foreign Exchange --- Inflation --- Macroeconomics --- Production and Operations Management --- Price Level --- Deflation --- Macroeconomics: Production --- Institutions and the Macroeconomy --- Currency --- Foreign exchange --- Output gap --- Exchange rates --- Structural reforms --- Prices --- Production --- Economic theory --- Hungary