, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else … struggling to escape liquidity quicksands and stubbornly low or negative growth and employment trends. At the center of the … divergence and political and social discord across member-states. Given the scale and scope of the eurozone crisis, policy and …

This paper presents a model that pictures how inflation is determined in a decentralized market process where prices … setters of sequential contracts. An important property of the model is that inflation thus can be explained without any … reference to the quantity of money.Following up the finding that inflation is determined in a coordination game, it is …

to support the standard objection to such policies: that they will lead to uncontrollable inflation. Theoretical models … support for a relationship between monetary financing and inflation. The findings lend support to recent calls for explicit …

changes in financial intermediaries' balance sheets for the supply of credit, liquidity and asset prices, and, consequently …

of this analysis is that the model overestimates output persistence in high inflation countries and underestimates output … persistence in low inflation countries. This has important implications not only for this model, but also for any economist …