Pick one developed economy and one emerging or developing economy. Use the latest version of the IMF World Economic Outlook Database to download inflation data for each of the countries from 1980 to the latest available data. Plot the data in a graph. Answer the following.

(a) Describe the evolution of inflation in each country.

(b) Do the countries have independent central banks?

(c) If the country does have an independent central bank, did inflation fall when the central bank gained independence? Propose some reasons why.

(d) If the country does not have an independent central bank, have they managed to find other mechanisms to establish a low inflation monetary policy regime? Propose some reasons why.