McCallum, Bennett T. (contributor); … - 2006
budget constraint can be “an important factor in determining inflation”
(2003a, p. 1185, emphasis added), not necessarily …, equivalently, for the inflation rate.
2. The FTPL and velocity behavior
In this section we provide an overview of the … factors trigger expansion of
nominal aggregate demand, not on how excess demand pressures are transmitted to the
inflation …