of the two. We compare the accounting definition of deficit with the economic definition which takes inflation into …

inflation, has remained unexplained in terms of its mathematical origins. Keynes had attempted to relate inflation to a … mechanism of "sticky wages and prices". Hitherto, such theories of inflation have remained unproven and disputable. Recently …, during the so-called "New Economy" era, characterized by a spread of electronic transactions and Internet commerce, inflation …

welfare, since it often reduces the union’s utility. In particular, we show that an inflation-neutral union will never find it …

. This was a period of very low inflation. The rate of growth in the aggregate price level was occasionally very close to … inflation. The declining prices cannot, however, be explained by lack of demand or any generalized deflationary tendencies … develops a new method for looking at the composition of inflation and illustrating how relative price dynamics interact with …

results in more persistent inflation as well as output responses to shocks, than without the supply-side channel. We also … discuss the different monetary and fiscal policy regimes and their implication on the stability of inflation and output. …