Empirical studies of the "shoe-leather" costs of inflation are typically computed using M1 as a measure of money. Yet … minimized for a positive but moderate value of the inflation rate, thereby justifying a deviation from the Friedman rule in … favour of the Fed's current policy. - Welfare costs of inflation ; flow of funds data ; US currency abroad …

Empirical studies of the shoe-leather costs of inflation are typically computed using M1 as a measure of money. Yet … moderate value of the inflation rate, thereby justifying a deviation from the Friedman rule in favor of the Fed's current …

Empirical studies of the "shoe-leather" costs of inflation are typically computed using M1 as a measure of money. Yet … minimized for a positive but moderate value of the inflation rate, thereby justifying a deviation from the Friedman rule in …

Estimates of the welfare costs of inflation based on Bailey (1956) are typically computed using aggregate money demand … models. Yet, the behavior of money demand may vary across sectors. Thus, the impact on welfare of inflation regime shifts may … Great Inflation to the present regime of low and stable inflation. For this purpose, we estimate different functional …

Estimates of the welfare costs of inflation based on Bailey (1956) are typically computed using aggregate money demand … Great Inflation to the present regime of low and stable inflation. For this purpose, we estimate different functional … the benefits were significant for both sectors. - Welfare cost of inflation ; flow of funds data ; demand for money …

Estimates of the welfare costs of inflation based on Bailey (1956) are typically computed using aggregate money demand … models. Yet, the behavior of money demand may vary across sectors. Thus, the impact on welfare of inflation regime shifts may … Great Inflation to the present regime of low and stable inflation. For this purpose, we estimate different functional …

This paper examines the long-run effects of supply shocks (such as oil shocks) on inflation in the United States. The … persistence of supply shocks in U.S. inflation fell considerably during the period of Volcker's disinflation (1979-1982). My … the behavior of inflation expectations-agents expected shocks to persist in the pre-Volcker period, but not in the post …

Previous studies have interpreted the rise and fall of U.S. inflation after World War II in terms of the Fed's changing … the low-inflation policy recommended by a natural rate model even after economists had developed statistical evidence … inflation rate in light of updated probabilities that it assigns to three competing models of the Phillips curve. Cautious …

economic growth. This paper examines the roles of three other factors: primary budget surpluses, surprise inflation, and pegged … inflation and the pre-Accord peg. In this counterfactual, debt/GDP declines only to 74% in 1974, not 23% as in actual history …