This paper presents a model that pictures how inflation is determined in a decentralized market process where prices … setters of sequential contracts. An important property of the model is that inflation thus can be explained without any … reference to the quantity of money.Following up the finding that inflation is determined in a coordination game, it is …

This paper studies the issue of whether money contains useful information about future inflation in a panel of nine … developed countries. A low frequency estimate of excess money growth is compared to an estimate of the inflation trend following … the discussion in Woodford (2007). The empirical analysis shows that money contains more information about future CPI-inflation …

interest rates and inflation rates. It is argued that the traditional story deriving central bank power from its monopoly of … banks seem to influence interest and inflation rates. Here, we suggest that the explanation is that central banks have …

relationship between inflation and real marginal cost cannot be established empirically for a majority of countries and sectors. We … NKPC for the analysis of inflation dynamics and monetary policy in the Euro Area. …