of inflation targeting in 1992 or central bank independence in 1997), we instead take a longer perspective, which … alter the monetary base; and the adherence by policymakers in the 1960s and 1970s to nonmonetary views of the inflation …

-difference version is not so suspect. While evidence is found of a long-run relationship between Austria inflation and money growth, even …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 …

It is common practice to estimate the response of asset prices to monetary policy actions using market-based measures …

of inflation relative to money growth depends on whether the central bank follows a money growth rule or an interest rate … rule. With a money growth rule, inflation is not persistent and the price level is much more volatile than the money supply …This paper revisits the issue of money growth versus the interest rate as the instrument of monetary policy. Using a …

equilibrium. With endogenous sticky prices, the monetary authority does not validate high-inflation expectations and deviates to …We analyze optimal discretionary monetary policy in an endogenous sticky prices model. Similar models with exogenous … sticky prices can deliver multiple equilibria. This is a necessary condition for the occurrence of expectation traps (when …

tends to understate the value of money as an indicator for monetary policy. …

that money is irrelevant for monetary policy. They suggest that central banks can control inflation by (i) controlling a … rate. Money’s role in monetary policy has been tertiary, at best. Indeed, several influential economists have suggested … rate in order to exert greater control over longer-term rates. I offer an alternative perspective: namely, that money is …