real interest rates are driven by variations in desired saving and investment. But based on data stretching back to 1870 … for 19 countries, our systematic analysis casts doubt on this view. The link between real interest rates and saving-investment … countries that dominate global monetary and financial conditions rather than common movements in global saving and investment …

appropriate analytical approach. The paper starts with a discussion of the strategy of "flexible inflation targeting", which, in … analyses of links between financial stability and monetary policy. Insights from inflation targeting, and more recent views on …

intermediaries. While money is valued for its liquidity, its creation requires costly leverage. Inflation, security prices and the … if it helps back inside money, and lower if more inside money is used to trade it. Inflation can be low in security …

. Potential output is seen as sustainable; yet experience indicates that output may be on an unsustainable path even if inflation …

profits and further distorts their investment decisions. Through the second, expected inflation affects the effective real …This paper revisits the equilibrium and welfare effects of long-run inflation in the presence of distortionary taxes … and financial constraints. Expected inflation interacts with corporate taxation through the deductibility of i) capital …