Exchange-rate-based inflation stabilization programs cause a sizable loss of inflation tax revenue and thus open a … of inflation tax revenue in the context of an exchange-rate-based stabilization program in an open economy with sticky … prices and monopolistic competition. The combination of smaller monetary and larger tax distortion in the low-inflation …

Asset pricing models have only partially captured the true inflation risk of equities. The contribution of this paper … is to identify and quantify the extra inflation tax on equities that results when ownership of physical capital is … divided by inflation. We then derive the standard asset-pricing conditions from the consumer's Euler equations and show that …

-separability of the utility function, inflation aversion, nominal transaction frictions). The monograph is organized as follows … market share competition with the assumption that agent?s behavior is characterized by inflation aversion. Chapter IV is … devoted to the GMM estimation of crucial parameters of the inflation-aversion model of the previous chapter. A model featuring …

explain the development of inflation dynamics and the formation process of inflation expectations of households respectively. We …

economic variable occurs that has no direct relation to the contemporaneous behavior of the variables that theory suggests it … involving changes in the inflation and monetary-policy regimes: the move to floating exchange rates following the breakdown of … throughout the industrialized world a decade later. In the case of the float, inflation which had been rising since the mid-1960s …

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth", describing the … able to work themselves out fully. In this context, monetary shocks have a gradual and delayed effect on inflation, and … these shocks also generate plausible impulse-responses for unemployment. Although our theory contains no money illusion, no …

In a previous study of US city inflation, I emphasized the temporal regularities of urban price inflation. But, despite … these identified regularities, it is apparent that the process of inflation is rarely so regular and so systematic …. Unanticipated shocks in three components, energy food, and housing, dominate the post-1950 record of US inflation. Analysis of …