The paper formalizes a conflict in the use of credit. As compared to using costless fiat, the consumer's use of credit … wastes resources by avoiding the inflation tax through a costly means of exchange. This inefficiency gives lattitude for a … planner to increase welfare by restricting exchange credit. …

credit depletes the habit stock and motivates consumers towards a more forward-looking behaviour. The Johansen (1988) and … evidence presented shows that both household and consumer credit cointegrate with consumption expenditure and disposable income …

This paper proposes an asymmetric model within which consumer credit facilitates both consumption smoothing and … suggests that new credit can predict short-run changes in consumption and has assisted consumers to become more forward …

We examine the relationship between inflation and unemployment in the long run,using quarterly US data from 1952 to … 2010. Using a band-pass filter approach, we find strong evidence that a positive relationship exists, where inflation leads … Berentsen, Menzio, and Wright (2011): the relationship between inflation and unemployment is positive in the long run. …

-2000. Observed changes in these elasticities are decomposed into changes due to inflation, real income growth, changes in fiscal …

In this paper the relationship between inflation and stock returns in Australia is examined. It is found that increases … persistent increases in inflation affect real returns cannot be addressed using the Australian data. …

inflation and the unemployment rate in Australia. The implied time-varying equilibrium unemployment rate was generated and the …