expectations of the time-paths of future short interest rates, monetary policy, inflation rates and currency depreciation rates …

presence of a trade-off between aggregate stabilization and inequality in consumption responses to external shocks. The …

We analyze the dynamics of inflation in an economy characterized by a forward-looking, staggered, price and wage … determination process, and by monetary accommodation. In our model, inflation reconciles the conflicting claims of workers and firms …. The model is capable of generating a positive association between real wages and inflation, of the type that has been …

common monetary authority chooses inflation for the union, also without commitment. We first describe the existence of a … wisdom that all countries should prefer a union with low-debt members, as such a union can credibly deliver low inflation …

We develop the theory of price-level determination in a range of models using both ad hoc policy rules and jointly …

This paper discusses the effects of the interaction between inflation and the taxation of capital income. The principal … conclusions are: (1) Inflation substantially increases the total effective tax rate on the income from capital used in the … between inflation and existing tax rules contributed to the fall in the ratio of share prices to real pretax earnings, or …

Inflationary finance involves first, the tax on cash balances from expected inflation, and second, a capital levy from … unexpected inflation. From the standpoint of minimizing distortions, these capital levies are attractive, ex post, to the …

;tax-smoothingquot; theory of government deficits, which predicts that the inflation tax follows approximately a martingale, and of models of …This paper shows that the optimal extraction of seigniorage implies a strong tendency for inflation to fall over time … inflation rate each period in a discretionary manner. One way to view the model is as a synthesis of the quot …

rates, and the shift in the response of the term structure of interest rates to inflation and output. Although the theory …This paper shows that the theory of monetary policy rules is able to explain, predict, and help understand a variety of …