can be analyzed as a credibility problem if the government has only one policy instrument, money supply carried out by … solve the credibility problem. They involve printing money or nominal debt and either (1) cutting taxes, (2) buying real … these policy instruments. It commits to higher money supply in the future so that the private sector expects inflation …

money, surveying the ongoing theoretical and empirical debate. The key conclusion is that an exclusive focus on non … policy decisions by providing a clearer narrative of the relative role of money in the interaction with other economic and …

Pakistan. A stylized inflation model is specified that includes standard monetary variables (money supply, credit to the …

real money balances, the approach followed here focuses on the relationship between nominal variables and inflation. The … at the end of the sample. The estimates confirm the strong relationship between money and inflation when M1 is used, with …

money but it is the organising feature of modern economies, giving rise to both episodes of stability and crises. In … constructing this argument I consider both orthodox and heterodox points of view. We analyse equilibrium models of money, and find … that while money can exist in sequence economies with frictions, models of this type give no justification for its creation …