illustrate the use of this approximation, we use it to characterize the change in the nature of the Phillips curve and the money-inflation … change in money growth-inflation relation …

equilibrium economic theory is presented to argue for the plausibility of cointegration, however, regional economic forecasting …This paper tests for cointegration between regional output of an industry and national output of the same industry. An … using the shift and share framework often acts as if cointegration does not exist. Data analysis on broad industrial sectors …

, according to the Johansen procedure, cointegration fails to hold the farther out the forecasts extend. At the one year ahead …

models, the relation between levels and differences, integration and cointegration, and the Hansen-Sargent prediction …

injection, e.g., small injections can lead to short-run deflation while large injections generate inflation. We extend our model …

inflation, and that the optimal monetary policy is that which maximizes real balances. We also show that the real rate of … interest is not invariant to monetary policy: inflation lowers the real rate …

We study the long-run relation between money, measured by inflation or interest rates, and unemployment. We first … macro and monetary economics, and providing a unified theory to analyze labor and goods markets. We calibrate the model, to …