We show that the effects of inflation on growth change substantially as the inflation rate rises. Moreover the nonlinearities are quite different for industrial economies than for developing countries. We find that the threshold at which inflation first begins to seriously negatively affect...

The relative impacts of the monetised and non‐monetised deficit on output and inflation in the United States are assessed using annual data for the 1923‐1982 period. With Federal Reserve purchases of government debt serving as a measure of monetisation, the results of Granger causality tests...

The relative impacts of the monetised and non-monetised deficit on output and inflation in the United States are assessed using annual data for the 1923-1982 period. With Federal Reserve purchases of government debt serving as a measure of monetisation, the results of Granger causality tests...

Confederate monetary reforms encouraged holders of Treasury notes to exchange these notes for bonds by imposing deadlines on their convertibility. We show that Confederate funding acts aimed at precipitating the conversion of currency into bonds did temporarily suppress currency depreciation....

There has been much interest in whether fixed exchange rates can provide a strong source of discipline over domestic monetary and fiscal policies. We argue that previous studies, however, have not paid sufficient attention to the distinction between constraint and incentive effects and that...