data, and money-interest correlations in macro data. We analyze the effects of inflation on welfare, price dispersion and …We develop a theory of money and credit as competing payment instruments, then put it to work in applications. Buyers … can use cash or credit, with the former (latter) subject to the inflation tax (transaction costs). Frictions that make the …

currency by keeping inflation low and steady. This paper provides evidence that monetary policy tightening aimed at maintaining … low and stable inflation could at the same time reduce consumption inequality over a 12-18 month horizon, commonly … benefit mainly from lower inflation. By contrast, the real consumption of individuals at higher ends of the consumption …

Inflation rates rose sharply in the Philippines during 2018. Understanding the demand and supply sources of inflation … pressures is key to monetary policy response. Qualitatively, indicators have pointed to evidence of inflation pressures from …-structural model to decompose the contributions of various shocks to inflation. Our main findings are (1) supply factors (mainly global …

cut interest rates as much as needed for economic stimulus now is to change from a paper standard to an electronic money … electronic money; the paper currency interest rate can be either lowered below zero or raised above zero. Such an ability to vary … exports as much as needed to revive the economy, even when inflation, interest rates, and economic activity are quite low, as …

between monetary autonomy and inflation dynamics in a panel of Caribbean countries over the period 1980-2017. The empirical … results show that monetary independence is a significant factor in determining inflation, even after controlling for … monetary policy for domestic purposes independent of external monetary influences, leads to lower consumer price inflation …

Classical theories of monetary economics predict that real stock returns are negatively correlated with inflation when … countries with hyperinflation. In this paper, I examine the stock return-inflation relation under different monetary policy … regimes and conditions using an expanded dataset of 71 economies. Empirical evidence suggests that the stock return-inflation …