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plays no role. Trust does play a role but requires a lower bound on efficiency. Stationary inflation must be positive and …
Persistent link: https://www.econbiz.de/10004976784
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 …
Persistent link: https://www.econbiz.de/10005656210
between lack of government commitment and high inflation, which characterizes representative agent models of optimal fiscal …
Persistent link: https://www.econbiz.de/10005656402
inflation and a permanent reduction in the level of unemployment. In short, we derive a microfounded long-run downward …
Persistent link: https://www.econbiz.de/10005791529
Cross-country evidence on inflation and inequality suggests that they are positively correlated. I explore the …
Persistent link: https://www.econbiz.de/10005792380
inefficiently provided, inside money competition plays a disciplinary role by providing an upper bound on equilibrium inflation …
Persistent link: https://www.econbiz.de/10005136489
monetary union increases with the union's level of wage rigidity as well as its tolerance of inflation variability. Taking into …
Persistent link: https://www.econbiz.de/10005504261
yearly basis following the 1985 stabilization of inflation. The data developed in the paper makes it possible to compare the … growth targets, in addition to inflation targets. …
Persistent link: https://www.econbiz.de/10005497895
We develop a theory that rationalizes the use of a dominant unit of account in an economy. Agents enter into non …
Persistent link: https://www.econbiz.de/10011084311
This paper studies monetary policy in models where multiple assets have different liquidity properties: safe and "pseudo-safe" assets coexist. A shock worsening the liquidity properties of the pseudo-safe assets raises interest-rate spreads and can cause a deep recession cum deflation. Expanding...
Persistent link: https://www.econbiz.de/10011084662