inflation and the pre-Accord peg. In this counterfactual, debt/GDP declines only to 74% in 1974, not 23% as in actual history …The fall in the U.S. public debt/GDP ratio from 106% in 1946 to 23% in 1974 is often attributed to high rates of … economic growth. This paper examines the roles of three other factors: primary budget surpluses, surprise inflation, and pegged …

This paper discusses the relationship between interest rate and inflation rate on one part and the house price relative … depends on the ratio of inflation to real interest rate, and thus even when the monetary authority maintains a pre …-announced target level of inflation rate, the relative price of sales to chonsei rises if the real interest rate is lowered. This …

low but still positive rates of inflation, provides an adequate approximation in welfare terms to the alternative of …

This paper examines the association between inflation, monetary policy and U.S. stock market conditions during the … episodes and find evidence that inflation and interest rate shocks had particularly strong impacts on market conditions in the … postwar era. Disinflation shocks promoted market booms and inflation shocks contributed to busts. We conclude that central …

inflation illusion. Illusionary investors mistake changes in nominal interest rates for changes in real rates, while smart … moves with expected inflation. The model also predicts a nonmonotonic relationship between the price-to-rent ratio on … developed. We document that many countries experienced a housing boom in the high-inflation 1970s and a second, stronger, boom …

This paper studies the relationship between inflation, output, money and interest rates in the euro area, using data … power for future inflation. The real money gap contains more information about future inflation than the output gap and the … Eurosystem's money-growth indicator is an inferior indicator of future inflation …

interest, inflation, currency depreciation and inflation differentials. Forward rates are related to these expected future … variables via combinations of term, inflation and foreign exchange risk premia. A unified derivation, discussion and comparison …

future path of inflation. Mishkin (1990) has recently shown that the spread between the 12-month and 3-month interest rates … helps to predict the difference between the 12-month and 3-month inflation rates. His approach however, lacks a theoretical … the problem of predicting the inflation spread. It is shown that the appropriate indicator of expected inflation can make …