The Paper presents a model in which the exogenous money supply causes changes in the inflation rate and the output … growth rate. While inflation and growth rate changes occur simultaneously, the inflation acts as a tax on the return to human … the income velocity of money that can break the otherwise stable relation between money, inflation, and output growth …

It is often argued that the EMS is an effective disciplinary device for inflation-prone countries in the EEC, since it …-makers in high-inflation countries: the reason is that not only it attaches an extra penalty to inflation (in terms of … inflationary finance, we find that they will always prefer EMS membership. When the policy-maker needs revenue from the inflation …

Monetary policy affects both real variables, such as employment, unemployment and output and nominal variables such as … nominal interest and inflation rates. For close to a decade the principal focus of monetary policy has been on inflation … consideration, but at other times inflation control has been the major objective. We argue that this concentration on inflation has …

This paper looks at the economic impact of secession through the lens of the disintegration of the former Yugoslavia … away from the former Yugoslavia delivered an ‘independence dividend’ to the newly independent countries and whether b …

The New-Keynesian Taylor-Rule model of inflation determination with no role for money is incomplete. As Cochrane (2007a … invoked if inflation misbehaved. Thus we answer the criticisms levelled at the Taylor Rule that it has no credible mechanism …