We analyze the dynamics of inflation in an economy characterized by a forward-looking, staggered, price and wage determination process, and by monetary accommodation. In our model, inflation reconciles the conflicting claims of workers and firms. The model is capable of generating a positive...

Frontmatter -- Contents -- Preface -- Introduction -- I History -- 1 The Impact of Administrative Power on Political and Economic Developments: Toward a Political Economy of Implementation -- 2 The Institutional Origins of the Industrial Revolution -- 3 Institutions and the Resource Curse in...

This paper's purpose is to develop and estimate a stochastic, intertemporal model of consumption be havior and to use it for testing a version of the Ricardian-equivalen ce proposition with time-series data. Two channels that may give rise to deviations from this proposition are specified:...