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 …

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

particular, Argentina, Bolivia, Peru, Russia, and Ukraine remained highly dollarized long after the inflation rate was reduced to … economies that higher inflation has a negative impact on output and financial intermediation, that dollarization and capital … dollarization hysteresis paradox and several other stylized facts. The key link between inflation, dollarization, and capital …

particular, Argentina, Bolivia, Peru, Russia, and Ukraine remained highly dollarized long after the inflation rate was reduced to … economies that higher inflation has a negative impact on output and financial intermediation, that dollarization and capital … dollarization hysteresis paradox and several other stylized facts. The key link between inflation, dollarization, and capital …

, as well as the distribution of money. As inflation decreases, agents are induced to participate less frequently in the … participation and higher heterogeneity in money holdings across agents. The welfare costs of inflation implied are different from … previous papers in the literature since inflation can distort the agents consumption profile, affect market participation, and …

of money, it causes inflation, in the absence of monetary intervention. If the monetary authority attempts to restore pre … credit cards, there is even more inflation, and less efficiency gains. The monetary authority might then have to accept less … than pre-credit card efficiency in order to restore pre-credit card price levels, or else it will have to accept inflation …

central goals of economic policy. But policy always faces difficult goal conflicts. How should inflation and unemployment be … capital formation but also the balance between inflation and unemployment are fundamentally issues about the distribution of … welfare over time. PhelpsÖÃÂÃÂs analyses have had a profound impact on economic theory as well as on macroeconomic policy. …