money and inflation. When analysing the full sample of countries we find a strong positive relation between the long …-run inflation and money growth rate. The relation is not, however, proportional. The strong link between inflation and money growth … inflation and money growth for low inflation countries (on average less than 10% per annum over the last 30 years) is weak. We …

exchange. Overall, our results favour money over autarky, especially if agents are patient. …Fundamental models of money always exhibit autarkic equilibria where money has no value. In this paper we propose a … behavior and the primitives of the economy, thus offering insights on the conditions under which money emerges as a medium of …

. Quantitative goals take three forms: exchange rates, money growth rates, and inflation targets. We analyse the effects on inflation …

money. With commitment, trust is automatically achieved and competition ensures efficiency. Without commitment, competition …, therefore, the Friedman rule cannot be achieved. The quality of money can only be observed after its purchasing capacity is … realized. In that sense money is an experience good. We show that the two problems, the time-inconsistency in the private …

negative nominal interest rates and the helicopter drop of base money – two unconventional policies for stimulating consumer … and settlements technology (e-money etc.) will cause monetary policy to lose its capacity to influence even nominal …

12-month excess bond return and exchange rates. The countries considered are the US, Germany, Japan and the UK. Our tests … exchange rates better than two-country models. Multi-country models are particularly useful for explaining the second moment of …