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 …

rouble balances and the income elasticity of money is close to unity. Inflation affects the adjustment towards equilibrium …, while broad money shocks lead to higher inflation. We also show that exchange rate fluctuations have a considerable …

both new and surprising. There are both extensive and intensive margins to currency substitution, and inflation may affect …

inflation and relative price effects in a nonlinear fashion. Employing data from the post-WWII Chinese hyperinflationary episode …

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 …

are both new and surprising. There are both extensive and intensive margins to currency substitution, and inflation may …