This paper investigates the relationship between inflation and output in the context of an economy facing persistent high inflation. By analyzing the case of Brazil, we find that inflation does not impact real output in the long run, but that in the short run there exists a negative effect from...

In this article we estimate the relation between inflation and trade openness [e.g; Romer (1993)] using modern panel data techniques. Our rationale is as follows: The higher the gains, in terms of product, in generating an inflationary "surprise", the greater the incentives will be for the...

The purpose of this paper is to contribute a new model of the Gold Standard, focusing on the interaction between resource scarcity and demographics. In a dynamic micro-founded model we find that: i) prices and equilibrium gold holdings increase with population (a scale effect), but decrease with...