endogeneity of money. Implicitly, the money supply process with regard to Turkish inflation is unpredictable with respect to the … past history of prices, i.e. either inflation or currency depreciation. Therefore, the Turkish monetary regime may be … persistently high inflationary process in Turkey. -- Demand for Money ; High Inflation ; Granger Causality ; Exogeneity of Money …

unemployment. Our model succeeds in replicating the empirical fact of a downward sloping Phillips curve for low inflation rates and … an upward sloping curve for high inflation rates. The reason is that low inflation rates make saving, as opposed to …, when inflation exceeds a certain threshold, money is too costly to hold, which results in a decrease in output and an …

The paper proposes two econometric models of inflation for Azerbaijan: one based on monthly data and eclectic, another … based on quarterly data and takes into account disequilibrium at the money market. Inflation regression based on monthly … data showed that consumer prices dynamics is explained by money growth (the more money, the higher the inflation), exchange …

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 …

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 …