This paper verifies the performance of the Barro and Gordon (1983) model to explain the US inflation since the early 1950's. We divide the period from 1951:2 to 2005:2 according to each chairman of the Federal Reserve (FED). In addition, we consider aggregated periods, represented by pre-,...

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...