From 1970 to 1985, Israel experienced high inflation. It rose in three jumps to new plateaus and eventually exceeded … of fallen bank shares caused the last big jump in inflation that occurred in October 1983. Bank shares had just collapsed …. Because that was foreseen, inflation immediately rose as predicted by the unpleasant monetarist arithmetic of Sargent and …

In contrast to the recent literature on the optimal inflation tax, we show that, in models where money reduces … transactions costs, it is optimal to set the inflation tax to zero when seigniorage is replaced by revenue from distortionary taxes …. The main reasons for this result are that the variable costs of supplying real balances are negligible and the inflation …

), (3) the inflation tax (the reduction in the real value of the stock of base money due to inflation and (4) the operating … inflation target, and the importance of cooperation and coordination between the Treasury and the Central Bank when faced with …

.0% of GDP. The maximal amount of seigniorage revenue that can be extracted at a constant rate of inflation is not far from …

-oriented outcomes are time-inconsistent, since each government has an incentive to renege and levy a surprise inflation tax … therefore leads to excessive inflation and too low a level of real money balances. The reason is that a unilateral surprise … inflation tax induces a real depreciation and leads to inflation costs, but a multilateral expansion of monetary growth does not …

We study the determination of Irish inflation between 1926 and 2012. The difference between unemployment and the NAIRU … is a significant determinant of inflation in a simple backward-looking Phillips Curve that incorporates import prices …

This paper presents a theory of the monetary transmission mechanism in a monetary version of Farmer’s (2009) model in …

regimes that are nested within this framework: inflation, output-gap growth and nominal income growth targeting; and inflation …