capital accumulation. Our econometric estimation, using U.S. data, finds a statistically significant link between electoral …

conclusions that arise from the model. In the new model, the level and the variability of inflation is higher than in the Calvo … model with no selection effect. Attempting to lower inflation's variability results in a significant increase output …'s variability, without changing inflation's variability much …

seigniorage finance. This leads to an increase in inflation which, in turn, reduces capital accumulation and growth. At the … of the government's budget constraint, we find strong evidence to support these predictions under different estimation …

and the real-time prediction of professional forecasters. We find that optimism shocks – in line with theory - generate a …

has implications for the estimation of economic models of energy-intensive durables, for oil price forecasting, and for …

In this paper we analyse the short- and long-run relationship between employment growth, inflation and output growth in … growth, inflation and output growth with bidirectional causality between employment growth and inflation as well as output … growth, giving support to Phillips' Golden Triangle theory …