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This Selected Issues paper examines the causes and drivers of low inflation in European inflation targeting countries outside the euro area, focusing on the Czech Republic, Poland, Sweden, and Switzerland. It estimates the effects on inflation from the output gap and external factors, including oil price changes, nominal effective exchange rate (NEER) fluctuations, and euro area inflation spillovers. It is observed that external factors have been significant drivers of low inflation recently, though their contributions to inflation and the channels through which they operate vary across countries. Policy responses and options are also discussed, taking into account country-specific circumstances.

Inflation (Finance) --- Finance --- Natural rate of unemployment --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Czech Republic --- Economic policy. --- Banks and Banking --- Foreign Exchange --- Inflation --- Macroeconomics --- Production and Operations Management --- Price Level --- Deflation --- Macroeconomics: Production --- Energy: Demand and Supply --- Prices --- Interest Rates: Determination, Term Structure, and Effects --- Currency --- Foreign exchange --- Banking --- Exchange rates --- Output gap --- Oil prices --- Central bank policy rate --- Production --- Financial services --- Economic theory --- Interest rates

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Inflation is an economic phenomenon that has profound implications for lawyers and jurists, because the great bulk of our laws and legal doctrines have been formulated on the assumption that the value of money remains relatively stable. Inasmuch as such an assumption is no longer tenable in much of the world, it threatens the operation of our most basic legal institutions.In this book, Keith Rosenn shows how inflation affects legal documents like contracts—how it distorts credit transactions, suits for damages, and laws of taxation—and he tells how current economic practices can be adapted to reduce or eliminate the impact. He explores the possibility of using a comprehensive indexation scheme for coping with inflation. Although Rosenn recognizes the deficiencies of price indexes, he considers the practical and theoretical implications of indexation. His analysis is firmly grounded in a detailed examination of the experience of countries like Argentina, Brazil, Chile, Finland, France, Germany, Israel, and Italy in adapting their legal institutions to the fact of inflation.

Inflation (Finance) --- Money --- -351.822 <73> --- droit --- inflation --- Currency --- Monetary question --- Money, Primitive --- Specie --- Standard of value --- Exchange --- Finance --- Value --- Banks and banking --- Coinage --- Currency question --- Gold --- Silver --- Silver question --- Wealth --- Natural rate of unemployment --- Law and legislation --- Muntwetten. Beurswetgeving. Financiële wetgeving. Monetaire wetgeving. Bankreglementering.--zie ook {336.74}--Verenigde Staten van Amerika. VSA. USA --- recht --- inflatie --- Law and legislation. --- Inflation (Finance). --- 351.822 <73> Muntwetten. Beurswetgeving. Financiële wetgeving. Monetaire wetgeving. Bankreglementering.--zie ook {336.74}--Verenigde Staten van Amerika. VSA. USA --- 351.822 <73> --- Law --- Human Rights. --- Law. --- Political Science. --- Public Policy.

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The perception that inflation dynamics in Sub-Saharan Africa (SSA) are driven by supply shocks implies a limited role for monetary policy in influencing inflation in the short run. SSA’s rapid growth, its integration with the global economy, changes in the policy frameworks, among others, in the last decade suggest that the drivers of inflation may have changed. We quantitatively analyze inflation dynamics in SSA using a Global VAR model, which incorporates trade and financial linkages among economies, as well as the role of regional and global demand and inflationary spillovers. We find that in the past 25 years, the main drivers of inflation have been domestic supply shocks and shocks to exchange rate and monetary variables; but that, in recent years, the contribution of these shocks to inflation has fallen. Domestic demand pressures as well as global shocks, and particularly shocks to output, however, have played a larger role in driving inflation over the last decade. We also show that country characteristics matter—the extent of oil and food imports, vulnerability to weather shocks, economic importance of agriculture, trade openness and policy regime, among others, help in explaining the role of shocks.

Inflation (Finance) --- Monetary policy --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Finance --- Natural rate of unemployment --- Econometric models. --- Econometrics --- Inflation --- Macroeconomics --- Economic Theory --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- State Space Models --- Price Level --- Deflation --- Monetary Policy --- Macroeconomic Aspects of International Trade and Finance: General --- Agriculture: Aggregate Supply and Demand Analysis --- Prices --- Energy: Demand and Supply --- Economic theory & philosophy --- Econometrics & economic statistics --- Supply shocks --- Food prices --- Vector autoregression --- Oil prices --- Economic theory --- Econometric analysis --- Supply and demand --- South Africa

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In closed or open economy models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. We analyze this result in the context of developing economies, where a large proportion of households are credit constrained and the share of food expenditures in total consumption expenditures is high. We develop an open economy model with incomplete financial markets to show that headline inflation targeting improves welfare outcomes. We also compute the optimal price index, which includes a positive weight on food prices but, unlike headline inflation, assigns zero weight to import prices.

Monetary policy --- Inflation (Finance) --- Consumer price indexes --- Consumer price index --- Cost of living indexes --- CPIs (Consumer price indexes) --- Retail price indexes --- Cost and standard of living --- Price indexes --- Finance --- Natural rate of unemployment --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Econometric models. --- Developing countries --- Emerging nations --- Fourth World --- Global South --- LDC's --- Least developed countries --- Less developed countries --- Newly industrialized countries --- Newly industrializing countries --- NICs (Newly industrialized countries) --- Third World --- Underdeveloped areas --- Underdeveloped countries --- Economic conditions --- Inflation --- Macroeconomics --- Money and Monetary Policy --- Price Level --- Deflation --- Monetary Policy --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- Macroeconomics: Consumption --- Saving --- Wealth --- Monetary economics --- Inflation targeting --- Sticky prices --- Consumption --- Prices --- National accounts --- Economics --- China, People's Republic of