of productivity growth, but the effect depends critically on a country's level of financial development. For countries … with relatively low levels of financial development, exchange rate volatility generally reduces growth, whereas for … rate volatility, and outliers. We also offer a simple monetary growth model in which real exchange rate uncertainty …

the income velocity of money that can break the otherwise stable relation between money, inflation, and output growth … inflation to growth for both Hungary and Poland, as suggested by the model, although there is some feedback to money for Poland …The Paper presents a model in which the exogenous money supply causes changes in the inflation rate and the output …

. Quantitative goals take three forms: exchange rates, money growth rates, and inflation targets. We analyse the effects on inflation …

asset (money). We show that, even in the absence of asymmetric information or an agency problem, the private provision of … this. This distortion is present even if we introduce lending and government money. To eliminate the inefficiency the …

driven by the crisis. Our general point is that money matters in financial markets. Different financial assets have different …

The European Central Bank has assigned a special role to money in its two pillar strategy and has received much … criticism for this decision. The case against including money in the central bank's interest rate rule is based on a standard … decades. In this paper, we develop a justification for including money in the interest rate rule by allowing for imperfect …

modified to account for observed money growth and inflation trends, and that monetary trends may serve as a useful cross … persistent errors in monetary policy and sustained trends in money growth and inflation. If interest rate prescriptions derived … from Keynesian-style models are augmented with a cross-check against money-based estimates of trend inflation, inflation …

by money growth. This relationship arises from a conventional aggregate-demand channel; an emphasis on the link between … justified empirically. Both the relation between money and inflation, and between money and aggregate demand, are considered … monetary aggregates and inflation in no way requires a direct channel connecting money and inflation. The relevance of money …

-run inflation and money growth rate. The relation is not, however, proportional. The strong link between inflation and money growth … inflation and money growth for low inflation countries (on average less than 10% per annum over the last 30 years) is weak. We … relationship. We also confirm that money growth and output growth are orthogonal in the long-run; i.e. higher growth rates of money …