inflation expectations. We develop this measure using assumptions common in economic analysis of open economies. Using quarterly …

usually have an effect on economic activity. It is however possible to find paths of money deceleration which reduce inflation …

rigidity makes the economy prone to involuntary unemployment during external crises. This paper presents a graphical analysis …

expectations of the time-paths of future short interest rates, monetary policy, inflation rates and currency depreciation rates …

A new theory of price determination suggests that if primary surpluses are independent of the level of debt, the price …

unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since …-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a … breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the past 50 years …

rates, and the shift in the response of the term structure of interest rates to inflation and output. Although the theory …This paper shows that the theory of monetary policy rules is able to explain, predict, and help understand a variety of …

Three ways of averting "excess saving" have been emphasized in both theory and practice. The thrust of the Keynesian … JamesTobin, relies on increasing the rate of inflation and making money less attractive relative to real capital. In Tobin …. This paper will examine ways of increasing capital intensity without raising the rate of inflation. The analysis will also …

We develop the theory of price-level determination in a range of models using both ad hoc policy rules and jointly …