development of today's mainstream, stochastic, but essentially Walrasian, macroeconomic theory, rooted in his explicit deployment … of econometric theory in the analysis of forward-looking maximising behaviour in 1957, and in his later work on the …

inflation, has remained unexplained in terms of its mathematical origins. Keynes had attempted to relate inflation to a … mechanism of "sticky wages and prices". Hitherto, such theories of inflation have remained unproven and disputable. Recently …, during the so-called "New Economy" era, characterized by a spread of electronic transactions and Internet commerce, inflation …

We analyse the possible impact of EMU enlargement on inflation rates in the accession countries. Using a simple … applied to the enlargement EMU: our findings indicate that (trend) inflation rates in the EMU candidate countries are likely …

plays no role. Trust does play a role but requires a lower bound on efficiency. Stationary inflation must be positive and …

We introduce household production and the production of houses (construction) into a monetary model. Theory predicts … inflation, as a tax on market activity, encourages substitution into household production and hence investment in housing. In … the model, the stock and appropriately-deflated price of housing increase with inflation or nominal interest rates. We …

reactiveness of inflation to the unemployment rate. In regard to a monetary union, the national unemployment multiplier in the …

flows can have different rates of return; and (iii) an increase in inflation raises asset prices, lowers their returns, and … widens the rate-of-return differences between assets. On the normative side we show that there is a range of inflation rates …

may emerge as an exact general-equilibrium measure of the welfare costs of inflation, provided that preferences are …