inflation, and that the optimal monetary policy is that which maximizes real balances. We also show that the real rate of … interest is not invariant to monetary policy: inflation lowers the real rate …

This paper characterizes the relationship between monetary aggregates, inflation and economic activity in Switzerland …, have been followed by persistently higher inflation and output with the usual monetary policy transmission lags. Money and … exchange rate fluctuations can explain the major inflation developments in Switzerland over the past four decades. …

inflation, and that the optimal monetary policy is that which maximizes real balances. We also show that the real rate of … interest is not invariant to monetary policy: inflation lowers the real rate …

regime driven by the exchange rate and a third one with inflation targeting. The result is a CVAR with constant long … framework, inflation dynamics in Mexico since the country abandoned the gold standard. The model encompasses known results … parsimonious, it does not require inflation lags nor dummy variables. It also displays a very good pseudo out-of-sample forecasting …