Los determinantes de la inflación, sus costos y cómo evitarla, son temas que han ocupado un lugar importante en la discusión y el análisis económico, en especial en países con historia de alta inestabilidad. Este trabajo comienza con una revisión de las principales razones de por qué existe inflación, ...

Conocer las fricciones que están presentes en la economía es de fundamental importancia para el diseño de políticas. En particular, las rigideces de precios y salarios determinan el grado de tradeoff entre la estabilización del producto o de la inflación que enfrentan los bancos centrales. En este ...

This paper surveys and modestly extends the theory of menu-cost models of the behavior of the aggregate price level after large-cost shocks. It does so in the context of an economy with a high underlying rate of inflation. It concentrates on the effect of large permanent and unexpected increases ...

The emergence of inflation targeting over the last ten years represents an exciting development in central banks' approach to the conduct of monetary policy. After initial adoption by New Zealand in 1990, a growing number of central banks in industrial and emerging economies have opted for inflation ...

For decades until the early 1990s, Latin America was the region of the world with the highest average level of inflation. High inflation was the cumulative result of a long history of activist economic policies based on a disregard for macroeconomic stability. These policies culminated in large ...

Inflation targeting has become a global framework. There is an inflation-targeting country on every continent, and many other countries have introduced particular characteristics of inflation targeting into their monetary framework. Inflation targets have thus far proved to be durable: no country has ...

The inflation targeting regime in place in Canada requires a clear understanding of the monetary policy transmission mechanism and a way to exploit knowledge of that mechanism in making policy decisions. This paper describes the Bank of Canada's current undestanding of the monetary policy transmission ...

After the emergence of a consensus in the 1980s on the harmful effects of inflation, the last decade of the twentieth century witnessed a market reduction in inflation rates across the world. By the end of the 1980s, empirical evidence collected from large cross-country analyses and numerous case ...

En los últimos seis meses, la inflación anual se ha ubicado por debajo del limite inferior de la meta definida entre 2 y 4% , situación que se espera continúe el resto del año 2004. Esto constituye un fenómeno relativamente nuevo para la economía nacional desde que se estableció el régimen de metas ...

When inflation is chronic, firms develop indexation practices that automatically tie the growth of prices, wages, and other contracts to the performance of some comprehensive price index. The microeconomic advantages of indexation are evident and derive from the immunization of the relative price ...