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Sargent and Wallace (1981) have shown by an example, termed "spectacular", that a lowering of the growth rate of money … may in some cases increase the rate of inflation - not only in the end, but even from the start. I show that this … "spectacular" result ceases to hold if the central bank is restricted always to choose the lowest final inflation rate. On the …
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El tema de la inflación ha sido uno de los más debatidos en los últimos meses. Los incrementos de precios registrados en el primer trimestre de 2005 han avivado la discusión. Este trabajo muestra que el problema está lejos de estar fuera de control y que determinadas medidas de política...
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tend to raise the general price level. In contrast to the accepted view, other prices do not seem to decline to offset the …
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This Occasional Paper provides an overview of the main challenges facing Hong Kong SAR as it continues to become more closely integrated with the mainland of China. Section I provides an overview of recent macroeconomic developments and the main policy issues in Hong Kong SAR. Section II...
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In this paper, we study the statistical relationship between money and prices in Argentina during the last quarter of … then apply a filter similar to that of Lucas (1980) and find that correlations between changes in money and prices are … the money stock. Taking lags and leads in the moving averages of prices, we find very different temporal results for the …
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