deflation, coupled with strong output growth. Our study establishes a stable money demand system for broad money M2. Inflation … affects the adjustment of the system towards equilibrium, and shocks to broad money are found to lead to higher inflation in …

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 …

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 …

It has recently been suggested by Robert Lucas that "shoe-leather" costs of inflation may amount to as much as 1% of …

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