Woodford (2007) argues that it is not appropriate to regard inflation in the steady state of New Keynesian models as …-rate policy rule determines steady-state inflation. In this paper, I offer an alternative interpretation of steady-state behavior …, according to which it is appropriate to regard steady-state inflation as determined by steady-state money growth. The argument …

Woodford (2007) argues that it is not appropriate to regard inflation in the steady state of New Keynesian models as …-rate policy rule determines steady-state inflation. In this paper, I offer an alternative interpretation of steady-state behavior …, according to which it is appropriate to regard steady-state inflation as determined by steady-state money growth. The argument …

We derive estimates of trend inflation for fourteen advanced economies from a framework in which trend shocks exhibit … stochastic volatility. The estimated specification allows for time-variation in the degree to which longer-term inflation … adoption of inflation targeting in several countries) on the behavior of trend inflation. Our estimates expand on the previous …

We consider what, if any, relationship there is between monetary aggregates and inflation, and whether there is any … paribus unitary relationship between inflation and money growth. Simulations of a New Keynesian model suggest that we should … allowance needed for the phase shift in the relationship between monetary growth rates and inflation. While financial innovation …

aggregate or an index of inflation. The main objective is to develop new results concerning the possible desirability of nominal …

We consider what, if any, relationship there is between monetary aggregates and inflation, and whether there is any … paribus unitary relationship between inflation and money growth. Simulations of a New Keynesian model suggest that we should … allowance needed for the phase shift in the relationship between monetary growth rates and inflation. While financial innovation …