which inside money is created, does not require any act of intentional saving. The mechanism allowing banks to lend deposits … inside money creation from lending, and distributing it on a nonlending basis to depositors through specialized payment …

vectors for the production function and the real money demand function to recover the structural output and money gaps for … output gap, and the real money gap. Using heterogeneous panel cointegration estimation techniques, we estimate cointegrating … inflation, albeit with a larger role played by the money gap. There is no significant evidence of asymmetry in the relationship. …

We study the cyclical properties of sales, regular price changes and average prices paid by consumers ("effective …" prices) in a dataset containing prices and quantities sold for numerous retailers across a variety of U.S. metropolitan areas … prices paid by consumers declines significantly with higher unemployment. This discrepancy can be reconciled by consumers …