good approximation of U.S. inflation dynamics. By contrast, if the same estimates are constrained to yield a unique stable …

modest short-run output gains, greater excess demand pressures, noticeably higher CPI inflation rates over the whole of the …

This paper considers a sticky price model with a cash-in-advance constraint where agents forecast inflation rates with …. While average output and inflation result the same as under rational expectations, higher moments differ substantially …: output and inflation show persistence, inflation responds sluggishly to nominal disturbances, and the dynamic correlations of …

of the two. We compare the accounting definition of deficit with the economic definition which takes inflation into …

inflation, has remained unexplained in terms of its mathematical origins. Keynes had attempted to relate inflation to a … mechanism of "sticky wages and prices". Hitherto, such theories of inflation have remained unproven and disputable. Recently …, during the so-called "New Economy" era, characterized by a spread of electronic transactions and Internet commerce, inflation …

welfare, since it often reduces the union’s utility. In particular, we show that an inflation-neutral union will never find it …