. To illustrate, when cash prices are equally distorted in both models equally large welfare costs of inflation are …

This paper studies the impact of informality on the long-run relationship between inflation and unemployment in … money and credit coexist. An increase in inflation affects unemployment through two channels: the matching channel and the … hiring channel. On one hand, higher inflation reduces the surplus of monetary trades thus lowering firms entry and increasing …

not efficient. Inflation is detrimental to unemployment …

This paper investigates the relationship between money growth, inflation, and productive activity in a general … channel by which inflation can positively influence productive activity. This feature also creates the possibility of multiple …