Among the works that deal directly with inflation volatility, we have BARONE-ADESI and YEUNG (1990), BLEANEY (1996), SEABRA (1996) and BLEANEY and FIELDING (2002). BARONE-ADESI and YEUNG (1990) use descriptive statistics of developed countries between 1961 and 1984 and simple OLS regressions between real and nominal exchange rates and output. Their results show the effects of volatilities on output and their positive correlations with average inflation.