.0% of GDP. The maximal amount of seigniorage revenue that can be extracted at a constant rate of inflation is not far from …

much sharper rise in inflation than measured by the official price indices, whose quality was called into question. In this … determinants. Since these data do not rely on official inflation statistics, they provide an independent check for the latter. We … not recorded by official inflation statistics. We do not find evidence in support of this hypothesis. …

countries with low inflation, the raw relationship between average inflation and the growth rate of money is tenuous at best … elasticities implied by theories of Baumol-Tobin and Miller-Orr. Finally, the sample after 1990 shows considerably less inflation … variability, worsening the fit of a one-for-one relationship between money growth and inflation, and generates a fairly low …

We investigate whether the Fiscal Theory of the Price Level (FTPL) can explain UK inflation in the 1970s. We confront …

We investigate whether the Fiscal Theory of the Price Level (FTPL) can explain UK inflation in the 1970s. We confront …

the Great Inflation and the Great Moderation. …

We investigate whether the Fiscal Theory of the Price Level can deliver a reasonable explanation for UK inflation in … was accommodative. The model is tested for its implied cointegration between inflation and government spending and for its … dynamics by using the method of indirect inference, under which the model’s simulated behaviour is compared with the inflation …