sector expectations that helps to dampen the fall in output and inflation at the outset of the liquidity trap. …

central bank's preference parameters; the degree of forward-looking behavior in the determination of inflation and output; and … the variances of inflation and output shocks - to match some broad characteristics of U.S. data. Our preferred …

We consider what, if any, relationship there is between monetary aggregates and inflation, and whether there is any … aggregates at all. We begin by considering the body of thought known as the “quantity theory of money.” The quantity theory … the nominal money stock. The nominal homogeneity conditions that deliver the quantity-theory result are the same as those …