We study the panel DOLS estimator of a homogeneous cointegration vector for a balanced panel of N individuals observed …

, according to the Johansen procedure, cointegration fails to hold the farther out the forecasts extend. At the one year ahead …

low but still positive rates of inflation, provides an adequate approximation in welfare terms to the alternative of …

We study the long-run relation between money, measured by inflation or interest rates, and unemployment. We first …

How far can shoe-leather go in explaining the welfare cost of inflation? Using a unique set of microeconomic data on … welfare cost of inflation analogous to Bailey's triangle, but based on a rigorous microeconomic framework. The welfare cost of … inflation varies considerably within the population, but never turns out to be very large (about 0.1 percent of consumption or …

inflation rates account for a share of the PPP changes, although less so for the 2011 revisions than prior ICP rounds. A marked …

and so on domestic wage and price inflation. In this paper we show that, in a model which is 'super-neutral' and has … exchange rate does not succeed in cutting the output costs of reducing steady-state inflation. Those output and unemployment …. Relative to other policies which achieve the same effect on steady-state inflation, exchange rate overshooting brings inflation …

, all without any evidence of extra inflation. The results in this paper turn the conventional wisdom on its head. While the … over into extra inflation, leaving only 20 percent remaining for extra real GDP growth. Virtually 100 percent of the … nominal exchange rate depreciation passed through into higher import prices, and extra inflation would have been even more …