countries with low inflation, the raw relationship between average inflation and the growth rate of money is tenuous at best … elasticities implied by theories of Baumol-Tobin and Miller-Orr. Finally, the sample after 1990 shows considerably less inflation … variability, worsening the fit of a one-for-one relationship between money growth and inflation, and generates a fairly low …

shocks as well as general inflation. Sellers can change price only by incurring a real menu cost.' We calibrate this cost and … and Kryvtsov. The prediction of the calibrated model for the effects of high inflation on the frequency of price changes …

interest rates by critically surveying theories about (a) optimal anticipated inflation, (b) optimal unanticipated inflation …

. Inflation may be positive throughout, so the absence of deflation is not evidence against a liquidity trap. Output, on the other …

current and future inflation innovations to revalue government debt, reducing reliance on distorting taxes; (2) the role of … inflation in optimal fiscal financing increases with the average maturity of government debt; (3) as average maturity rises, it … is optimal to tradeoff inflation for output stabilization; (4) inflation is relatively more important as a fiscal shock …

collapse of the Bretton Woods system between 1971 and 1973 was rising U.S. inflation since 1965. It was driven in turn by … imports and a ninety day wage price freeze—was that U.S. inflation, driven by macro policies, was the main problem facing the … Federal Reserve Chairman Arthur F. Burns, Nixon adopted wage and price controls to mask the inflation, hence punting the …