for understanding the modern economy. The focus of this volume is the money prices of commodities. In light of the failure … approaches are manifest in their inability to explain the changes in the relative prices of commodities, taking place in the … Marx’s explanation is that prices are set by producers prior to putting their commodities into the process of circulation …

This paper examines the impact of a monetary policy shock on output, prices, and the nominal effective exchange rate … main results suggest that an exogenous increase in the short-term interest rate tends to be followed by a decline in prices … variations in the short-term interest rate account for significant fluctuations in the nominal exchange rate and prices, while …

This paper uses a two-sector model to estimate the relationship between prices, money, and the exchange rate in … monetary aggregates, domestic prices, real income, and foreign interest rates. In addition, the error-correction model shows …

-through to prices, and interest rate policy following, rather than leading, financial market developments. Our estimated monetary …

factors argued to explain the differences in the trends in core inflation and relative prices in the United Kingdom, the Euro …