much sharper rise in inflation than measured by the official price indices, whose quality was called into question. In this … determinants. Since these data do not rely on official inflation statistics, they provide an independent check for the latter. We … not recorded by official inflation statistics. We do not find evidence in support of this hypothesis. …

producers. I apply these results to a model of inflation. I find that the model can fit the quantitative facts on post …-war inflation remarkably well, that it is a good forecaster of future inflation, and that it survives the Lucas critique by fitting … also the pre-war facts on inflation moderately well. …

the primary deficit with future values of inflation, interest rates, GDP and narrow money growth and changes in the … through adjustments in the primary deficit (80-100%), with less substantial roles being played by inflation (0-10%) and GDP … growth (0-20%). Focusing on the relation between fiscal imbalances and inflation suggests extremely modest interactions. This …

The fiscal gains from, and hence the political incentives for, an increase in the inflation rate of ten percentage … inflation increase would have been even larger, however, and would thus have reduced net welfare. Possible institutional reforms …, aimed at making the political costs of inflation more equal to the social costs, are presented and discussed. …

. Motivated by the case of an unanticipated inflation episode, we consider redistribution shocks that shift resources from old to …

The paper argues that Lucas overestimates the Friedman-Bailey type of welfare cost of inflation and neglects other … of Lucas' estimate. The neglected welfare effects of inflation include an adverse Baumol-Tobin effect on growth and … between inflation, relative prices and structural change. …

%) and fairly high (7%) inflation. Our results indicate that firms strongly react to inflation in the timing of their price … adjustment: hazard of price changes is increasing with time and becomes steeper at higher inflation rates. However, we find … little evidence that the amount by which they change the price responds to the inflation rate. …