plays no role. Trust does play a role but requires a lower bound on efficiency. Stationary inflation must be positive and …

features, such as the degree of centralization of wage bargaining, labour unions' inflation aversion and the degree of … monetary policy usually affects both inflation and unemployment, even when all structural parameters of the economy and of …

inefficiently provided, inside money competition plays a disciplinary role by providing an upper bound on equilibrium inflation …

of trade of securities, central banks may choose to commit to costly inflation in favourable states of nature. In …

inflation. The labour market is characterized by the degree of centralization of bargaining and by the degree of trade unions …’ inflation aversion. The latter leads each union to moderate its wage demands in order to induce the Central Bank (CB) to inflate …) triggers two opposite effects on real wages, unemployment and inflation. The decrease in the number of unions reduces the …

. Motivated by the case of an unanticipated inflation episode, we consider redistribution shocks that shift resources from old to …

. The evidence in the Paper shows that CBI is unrelated to inflation during the early stages of liberalization. But with … sufficiently high and sustained levels of liberalization, and controlling for other variables, legal CBI and inflation are … momentum legal independence becomes effective in reducing inflation. The Paper also presents evidence on factors that affect …

money and inflation. When analysing the full sample of countries we find a strong positive relation between the long …-run inflation and money growth rate. The relation is not, however, proportional. The strong link between inflation and money growth … is almost wholly due to the presence of high (or hyper-) inflation countries in the sample. The relationship between …

Episodes of unanticipated inflation reduce the real value of nominal claims and thus redistribute wealth from lenders … to borrowers. In this study, we consider redistribution as a channel for aggregate and welfare effects of inflation. We … model an inflation episode as an unanticipated shock to the wealth distribution in a quantitative overlapping …