ABSTRACT. Wagner remarks that inflation is regarded by the public as a signal of bad policy and political and economic instability; inflation works like taxation: the real effective capital income tax rate rises as inflation increases (the effects on capital income taxes are a main mechanism by which the tax system becomes nonneutral to inflation). Rogoff argues that for countries with well-developed financial markets, the thin information content of exchange rates makes them of limited use in a monetary policy rule. Berger et al. stress that globalization has flattened the short-run output-inflation trade-off.



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