"We analyze the relationship between M3 growth and inflation within an error correction framework including also the output gap, the 3-mo EURIBOR, and the 10-yr government bond yield. We find robust cointegration between money growth and inflation. Shocks in M3 growth account for up to 30% of...

Current research suggests that the crime-combating instrument sentence probability is more effective than sentence severity. However, the focus of the simultaneous (or very short-run) impact of the law enforcement policy on crime impedes a comparison of these two instruments with respect to...