We consider what, if any, relationship there is between monetary aggregates and inflation, and whether there is any … paribus unitary relationship between inflation and money growth. Simulations of a New Keynesian model suggest that we should … allowance needed for the phase shift in the relationship between monetary growth rates and inflation. While financial innovation …

expected inflation. The inability of the Fed to maintain a credible commitment to low interest rates in the face of increased … government spending and rising inflation led to the Fed-Treasury Accord of March 1951. Following the Accord, the external …

economies. In general, we find that the P* approach is useful in the analysis of German inflation, but that it is less promising …

, inflation, the interest rate, and exchange rate depreciation depends on the inclusion of a "ratchet" variable that captures … irreversible effects of inflation. Short-run dynamics differ markedly from the long run. Algorithmically based model selection …