countries with low inflation, the raw relationship between average inflation and the growth rate of money is tenuous at best … elasticities implied by theories of Baumol-Tobin and Miller-Orr. Finally, the sample after 1990 shows considerably less inflation … variability, worsening the fit of a one-for-one relationship between money growth and inflation, and generates a fairly low …

consumption velocity very closely during the high-inflation years. …

the G7 countries (France, Germany, Italy, the United Kingdom and the United States). Greater stability is found in …

the stability of velocity series for the United States and for five European countries (France, Germany, Italy, the …

: (a) the elasticity of money demand is very small when the interest rate is small; (b) the probability that a household … the elasticity is very small for interest rates below 5% suggests that the welfare costs of inflation are small. We also …

substitutability on exchange rates, international adjustment and the inflation tax are discussed. The paper also reviews the empirical …

interest rate elasticity of money demand, the impact of financial innovation on money demand, the welfare cost of inflation …