money and inflation. When analysing the full sample of countries we find a strong positive relation between the long …-run inflation and money growth rate. The relation is not, however, proportional. The strong link between inflation and money growth … inflation and money growth for low inflation countries (on average less than 10% per annum over the last 30 years) is weak. We …

exchange. Overall, our results favour money over autarky, especially if agents are patient. …Fundamental models of money always exhibit autarkic equilibria where money has no value. In this paper we propose a … behavior and the primitives of the economy, thus offering insights on the conditions under which money emerges as a medium of …

. Quantitative goals take three forms: exchange rates, money growth rates, and inflation targets. We analyse the effects on inflation …

We compare monetary union to flexible exchange rates in an asymmetric, three-country model with active monetary policy …

’ – can be created by a standard macro model in which actually a money supply rule is operating with no interest rate feedback … equivalent’ to use the expression coined by Thomas Sargent (1976). It remains an open question whether Taylor rules or money …

) condition. UIP shocks have a sizable negative effect on welfare, when trade links are strong. An exchange rate peg may raise …