stable" equilibrium nominal interest rate with matching definitions for inflation and monetary growth. We demonstrate that …

We provide a Keynesian growth theory in which pessimistic expectations can lead to very persistent, or even permanent …, slumps characterized by unemployment and weak growth. We refer to these episodes as stagnation traps, because they consist in … the joint occurrence of a liquidity and a growth trap. In a stagnation trap, the central bank is unable to restore full …

stable" equilibrium nominal interest rate with matching definitions for inflation and monetary growth. We demonstrate that …

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

In most countries, the supply of paper money is controlled by a state institution. This paper provides an explanation …

The role of money in society has been a controversial topic in economic theory over many years. Particular attention … has been devoted to the analysis whether there should be competition in the supply of money, or whether this is best left … today we have competition between issuers of money, namely in the international context, with electronic money, and in large …

sample period back to the 1980s, a period characterised by higher volatility in inflation and money growth. … money balances, building on Varian (1983). If additive separability is rejected, then real balances enter into the …