This work is a PhD dissertation, written at the Department of Economics, McGill University. The thesis offers a new framework for inflation as a process of restructuring. Contrary to existing theories of inflation, which tend to take structure and institutions as given for the purpose of...

In addition to their credibility, the co-ordination and ranking of reforms are key to reducing costs in the short term and benefiting from positive effects in the long term.

This paper reviews recent approaches to modeling the labour market and assesses their implications for inflation dynamics through both their effect on marginal cost and on price-setting behavior. In a search and matching environment, we consider the following modeling setups: right-to-manage...

In a search and matching environment, this paper assesses a range of modeling setups against macro evidence for the monetary transmission mechanism in the euro area. In particular, we assess right-to-manage vs. efficient bargaining, flexible vs. sticky wages, interactions at the firm level...

This paper reviews recent approaches to modeling the labour market, and assesses their implications for inflation dynamics through both their effect on marginal cost and on price-setting behavior. In a search and matching environment, we consider the following modeling setups: right-to-manage...

This paper reviews recent approaches to modelling the labour market, and assesses their implications for inflation dynamics through both their effect on marginal cost and on price-setting behaviour. In a search and matching environment, we consider the following modelling set-ups:...

A tanulmányban restriktív modellfeltevésekkel hasonlítjuk össze a különféle dezinflációs stratégiák, forgatókönyvek költségeit. A számításokhoz kiindulási alapként Benczúr-Simon-Várpalotai [2002] „kisméretű makromodellje” szolgál, amelynek aggregált kibocsátási...

Given the recurrence of the instability cycle and the higher probability of the economy to avoid falling into the liquidity trap if inflation is higher when a bubble bursts, then higher inflation is preferable. This paper suggests the monetary policy objective can be enhanced by shifting it from...

Focused especially on the causes, Woods elegantly discovers in the tradition of the Austrian School of economics that the main culprit for the creation of crises is the monetary system’s nature. As he goes, this is a system that allows a process of artificially expanded money supply which...