constraints generate inflation. We study stochastic economies with fiat money, a central bank, one nondurable commodity, countably … and a fixed price for the commodity. Consequently, we investigate stationary equilibria with inflation, in which aggregate … equation for the rate of inflation continues to hold and the real rate of interest is equal to the common discount rate of the …

Reduced rank regression procedures in error correction models (ECM's) permit consistent estimation of the cointegration … space but do not provide consistent estimates of individual structural relations when the dimension of the cointegration …

cointegration models with time varying coefficients and provide sharp convergence rates in that case. For the fixed design models …

This paper studies nonlinear cointegration models in which the structural coefficients may evolve smoothly over time …-consistency apply in nonparametric kernel estimation of time-varying coefficient cointegration models. The higher rate of convergence (n …

The world is first known inflation-indexed bonds were issued by the Commonwealth of Massachusetts in 1780 during the … Revolutionary War. These bonds were invented to deal with severe wartime inflation and with angry discontent among soldiers in the U …