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

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

inflation and a permanent reduction in the level of unemployment. In short, we derive a microfounded long-run downward …

Cross-country evidence on inflation and inequality suggests that they are positively correlated. I explore the …

Using a sample of about 160 countries over the last thirty years we test for the quantity theory relationship between … 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 …

between lack of government commitment and high inflation, which characterizes representative agent models of optimal fiscal …

Monetary theory and policy are part of intertemporal public finance. This Paper reviews some interesting recent … the so-called Fiscal Theory of the Price Level, a logically inconsistent theory of the link between the government budget …

’s fiscal theory of the price level, according to which for certain fiscal rules the (initial) price level is independent of the …