determine inflation in this regime, so I base the analysis on the fiscal theory of the price level. I find that monetary policy … can peg the nominal rate, and determine expected inflation. With sticky prices, monetary policy can also affect real … interest rates and output, though higher interest rates raise output and then inflation. The conventional sign requires a …

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

We study the long-run relation between money, measured by inflation or interest rates, and unemployment. We first …

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 …

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 …

demand equation of Cagan's 1956 model; an accelerationist Phillips curve that captures inflation inertia; and an aggregate …-spending equation that accounts for the effects of the inflation tax. The paper derives the dynamic effects of fiscal policy, incomes …This paper presents a model of a high-inflation economy. The model includes the government budget constraint and money …