-level targeting, through the stabilization of private sector expectations, might be a better monetary rule than inflation targeting in …

in inflation implies a high real marginal cost and low share prices in a sticky-price economy. We find that if the New … Keynesian Phillips curve has a lagged inflation term caused by price indexation, this effect is weakened. Moreover, equilibrium …

change in the growth rate of money supply can affect real out- put through the impact of inflation on net worth. In a sense … the monetary transmission mechanism we are focusing on consists of a combination of the inflation tax effect and the net … worth channel. Contrary to the traditional view, at least for some parameter restrictions, an increase of the inflation tax …

inflation is induced into the economy. On the other hand, due to the difference between real GDP growth rate and nominal lending … rate, a cost push inflation is created. We quantitatively measure the amount of nominal interest income the depositors … goods which is not supported by the accompanying real GDP growth rate and thereby causing inflation in the economy. We …

inflation is induced into the economy. On the other hand, due to the difference between real GDP growth rate and nominal lending … rate, a cost push inflation is created. We quantitatively measure the amount of nominal interest income the depositors … goods which is not supported by the accompanying real GDP growth rate and thereby causing inflation in the economy. We …