This paper shows that the interaction between money growth and staggered nominal contracts gives rise to a long …-run inflation-unemployment tradeoff. …

-in-advance economy in which home equity borrowing, alongside public money, is used to conduct transactions. A decline in home equity …-sectional evidence display high sensitivity of real activity to nominal credit shocks. Since home equity borrowing and public money are …

idea of Knut Wicksell (natural rate of interest vs. money rate of interest). In addition, the model contains also many …

inflation-output trade-off, the coexistence of money, credit, and higher return assets, settlement, and liquidity. After …In Money, Payments, and Liquidity, Ed Nosal and Guillaume Rocheteau provide a comprehensive investigation into the … economics of money and payments by explicitly modeling trading frictions between agents. Adopting the search-theoretic approach …

regime during a deceleration in economic activity and with headline and core inflation remaining well below the FOMC's 2 … percent inflation target. Moreover, both short- and long-term inflation expectations were drifting lower. These developments …

growth, inflation rate, and exchange rate on the balance of payments by net foreign assets (NFA) in 17 developing countries … results indicate that domestic credit, interest rate, inflation and exchange rate have a significantly negative, while real …