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 …

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

the elasticity is very small for interest rates below 5% suggests that the welfare costs of inflation are small. We also …

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

inflation rate below the target inflation rate (the normal steady-state rate of inflation under the Taylor rule), there also … trap steady state. Along these solution orbits, periods of rising inflation and excess demand alternate with periods of … falling inflation and excess capacity. For some solution orbits, nominal interest rates are at the zero lower bound for all …

inflation while declaring monetary aggregates largely irrelevant. Critics, however, have argued that these models need to be … 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 …