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Mr. Fabio Scacciavillani
This paper is an empirical study of the links between monetary variables and inflation based on Cagan’s equation and its rational expectations solution, when the forcing variable is a fractionally integrated process. As demonstrated by Hamilton and Whiteman, the existence of bubbles and other extraneous influences can be detected only by verifying the difference in the order of integration between the monetary base and the price level series. This paper shows that a fractionally differenced model overcomes Evans’ critique of this test and that chronic inflation is essentially a monetary phenomenon caused by fiscal imbalance.
Ms. Paula De Masi and Mr. Vincent Koen
The overall price level increased sharply in transition countries once prices were freed. Disinflation has most frequently been gradual, with prices continuing to rise rapidly in subsequent years. This paper identifies the well-known and lesser-known features of inflationary processes in central and eastern Europe, the Baltics, Russia, and other countries of the former Soviet Union on the basis of a sample of 26 countries and observations spanning the first five to seven years of transition.
Mr. Vincent Koen and Ms. Paula De Masi

Abstract

The overall price level increased sharply in transition countries once prices were freed. Disinflation has most fre—uently been gradual, with prices continuing to rise rapidly in subseuent years. This paper identifies the well- and lesser-known features of inflationary processes in central and eastern Europe, the Baltic countries, Russia, and other countries of the former Soviet Union based on a sample of 26 countries and observations spanning the first five to seven years of transition. [JEL: E31, P22, R32]