Political Science on June 4th. It starts by asking what factors have been behind the remarkable retreat of inflation that has …

During the 1970s and early 1980s, Spain suffered high rates of inflation but inflation declined and by 1997 inflation … had fallen to approximately 2 percent. To fight inflation, Spain implemented austere monetary programs, joined the EMS in … 1989, enacted central bank autonomy in 1994, and introduced inflation targets in January 1995. Certainly, these and other …

and its implications for US output, hours and inflation. Second we evaluate the extent to which that responses can be …

to iid and autocorrelated money growth shocks, and decompose the inflation impact into 'intensive margin', 'extensive … inflation and output. The real effects are substantially larger if money growth is autocorrelated. In contrast, if we instead … impose a fixed menu cost specification, money growth shocks cause a sharp spike in inflation (via the selection component) so …

This paper studies how investment and production in an economy is allocated across sectors when they face asymmetric … translate into a similar hump-shaped relationship between interest rates and the ratio of aggregate investment across sectors …. We claim that this paper provides helpful insights to understand the pattern of sectoral reallocation of investment and …

We present a comparable set of results on the monetary transmission channels on firm investment for the four largest … channel. For each of those countries we estimate neo-classical investment relationships, explaining investment by its user … cost, sales and cash flow. We find investment to be sensitive to user cost changes in all those four countries. This …

adjustments similar to that observed in microeconomic data, both for low and high inflation. Our setup is based on one fundamental …, and because it implies a large fall in the standard deviation of price adjustments as trend inflation increases. Even …-behaved when we change the steady state inflation rate, matching the data at least as well as Golosov and Lucas' model. …

helps reproduce the effects of trend inflation on price adjustment behavior. Our model of error-prone pricing in many ways …