. We report that the different approach to modeling money - reduced-form vs. explicit role - neither induces theoretical …. To illustrate, when cash prices are equally distorted in both models equally large welfare costs of inflation are … mechanism that governs cash transactions, not the explicit microfoundation of money. …

This paper applies ARDL and Nonlinear ARDL models to long-term inflation targeting policy mechanisms in the United … States and China to assess the impact of oil price dynamics and asymmetries on inflation expectations in the two countries … changes on inflation expectations, and further provide a theoretical basis for the empirical results. We use data from 2010 to …

inflation, the relationship between money and capital accumulation, and the Phillips curve. We also extend the benchmark model … body of recent work on money, banking, payments systems, asset markets, and related topics. A key principle in New … Monetarism is that solid microfoundations are critical for understanding monetary issues. We survey recent papers on monetary …

The theory of money typically ignores the fact that the mode of market interaction arises endogenously, and simply … understanding the conditions that lend themselves to the development of money as a mode of exchange. To study this, we develop a … theory of money such that the market structure is endogenized. …

This paper shows that the interaction between money growth and staggered nominal contracts gives rise to a long …-run inflation-unemployment tradeoff. …

countries. Second, inflation acts as a regressive tax when a nominal asset other than money is held. Third, the magnitude of the …I calibrate the microfounded model in Boel and Camera (2009) to quantify the redistributive effects of inflation for a … financial assets. Second, I account for structural breaks when estimating money demand. I find that several results hold for the …