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 …

much sharper rise in inflation than measured by the official price indices, whose quality was called into question. In this … determinants. Since these data do not rely on official inflation statistics, they provide an independent check for the latter. We … not recorded by official inflation statistics. We do not find evidence in support of this hypothesis. …

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

situation poses to price stability. We propose to regard the central banker as a risk manager who aims to contain inflation …

In contrast to the recent literature on the optimal inflation tax, we show that, in models where money reduces … transactions costs, it is optimal to set the inflation tax to zero when seigniorage is replaced by revenue from distortionary taxes …. The main reasons for this result are that the variable costs of supplying real balances are negligible and the inflation …

.0% of GDP. The maximal amount of seigniorage revenue that can be extracted at a constant rate of inflation is not far from …