assumptions on the functional correspondence between price inflation, inflation expectations and marginal costs. Expectations are … not assumed to be an unbiased predictor of actual inflation and instead derived from the European Commission’s Consumer … Survey data. The results suggest that expectations drive inflation with a lag of about 6 months, which casts further doubt on …

policy literature. The extent to which these firms adjust their prices to lagged inflation has been taken as fixed. We …

policy. First, I consider whether ignoring money means returning to the conceptual framework that allowed the high inflation … of the 1970s. Second, I consider whether models of inflation determination with no role for money are incomplete, or … evidence for a long-run relationship between money growth and inflation. (Here I give particular attention to the implications …

hyperbolic discounting leads to inflation having significant long-run effects on real variables. …

hyperbolic discounting leads to inflation having significant long-run effects on real variables. …

output or inflation as in the empirical "two-pillar" Phillips curves estimated in some recent contributions, it would be …-checking does not require direct effects of money on output or inflation. …

output or inflation as in the empirical 'two-pillar' Phillips curves estimated in some recent contributions, it would be …-checking does not require direct effects of money on output or inflation. …

model, covering a panel of EU countries, and derives the implied long-run inflation-unemployment tradeoff. Our results …