1 “... than past inflation in shaping the inflation process, providing little evidence of "backward-looking...”

2 “...The rapid increase in international trade and financial integration over the past decade...”

3 “... of the post-August 1993 ERM. Our central bank targets a moving average of the current and past exchange rates...”

4 “... much more important role than past inflation in shaping the inflation process. We also find...”

5 “...The rapid increase in international trade and financial integration over the past decade...”

6 “... partners' demand and U.S. interest rates captures the effect of bad luck. Past inflation affects...”