"This paper investigates whether the quantity theory of money is still alive. We argue that it is, but that the slippage is not negligible. For countries with low inflation, the relationship between average inflation and the growth rate of money is tenuous at best. A correction for variation in...

"We study the effects of nominal debt on the optimal sequential choice of monetary and debt policy. When the stock of debt is nominal, the incentive to generate unanticipated inflation increases the cost of the outstanding debt even if no unanticipated inflation episodes occur in equilibrium....

"We study how competition from privately supplied currency substitutes affects monetary equilibria. Whenever currency is inefficiently provided, inside money competition plays a disciplinary role by providing an upper bound on equilibrium inflation rates. Furthermore, if Furthermore, if 'inside...