zero. The paper shows that declining nominal prices were a rather common phenomenon during this period of low or no … inflation. The declining prices cannot, however, be explained by lack of demand or any generalized deflationary tendencies …. Hence, the downward rigidity of nominal prices has not prevented relative price adjustments under price stability. The paper …

This paper reviews the existing empirical evidence on the short-term impact on prices of fiscal variables and assesses … Commission and the OECD models. Overall, a broad consensus appears on the impact on prices of changes in individual government … limited impact on prices in the first year while, in contrast, changes in indirect taxes and employers’ social security …

. Money as a social representative of value, therefore, is introduced at the very beginning of Marx’s microeconomics. Marx …’s rejection of Ricardo’s interpretation of Say’s Law requires that money as a means of circulation and as a means of payment is … realisation of profits for the capitalist class as a whole requires money advances, which have to increase by means of rising …

friction for a receipt system (fiat money) to lead to improved allocations in an otherwise frictionless Walrasian model. The … experiments. Some issues regarding the divisibility of money are also discussed. …

money growth might be an important determinant of cyclical developments in real GDP beyond effects already captured by short … properties are also maintained when looking at a broader set of non-monetary indicator variables. Narrow money therefore seems …. As a result, once the information from narrow money is taken into account, what matters more for the forecast performance …

This paper studies the gain from using money as an indicator when monetary policy in made under data uncertainty. We … state of the economy. Money reveals some of the private sector’s information to the policymaker, especially if there is a … forward looking element in money demand. We show that observing money can considerably reduce the loss that is due to …