the origin of the aggregate volatility reduction. We show that states with relatively high concentrations in the durable-goods …

-theoretic environment with divisible money and goods. We find that in such a setting, a positive feedback between work and shopping effort …This paper investigates the relationship between money growth, inflation, and productive activity in a general … equilibrium model where search frictions motivate the transactions role of money. The use of a multiple matching technique, where …

In the P-star model the price level is determined by the money stock per unit of potential output and the long …-run equilibrium level of the velocity of money. This article applies this model to Austria. Problems in identifying permanent shocks …-difference version is not so suspect. While evidence is found of a long-run relationship between Austria inflation and money growth, even …

stabilization policy in a DSGE model with microfounded money demand and endogenous firm entry. Due to a congestion externality …

fully flexible and money is essential for trade. Our main result is that if the central bank pursues a price-level target … policy involves smoothing nominal interest rates which effectively smooths consumption across states. …