"The course of events during the nineteenth century favored such ideas [as price stability] ... the remarkable feature of this long period was the relative 'stability' of the price level. Approximately the 'same' level of price ruled in or about the years 1826, 1841, 1855, 1862, 1867, 1871 and...

Monetary exchange is deemed essential when better incentive-compatible outcomes can be achieved with money than without it. We study essentiality both theoretically and experimentally, using finite-horizon monetary models that are naturally suited to the lab. We also follow the mechanism design...

The inflation targeting (IT) regime is 17 years old. With practice of IT now in more than 21 countries, there is enough evidence gathered to take stock of the IT experience. In this paper, we analyze the inflation record of IT central banks. We extend the work of Albagli and Schmidt-Hebbel...