central banks to control inflation within their borders, at least in the absence of coordination of policy with other central … the ability of monetary policy to control inflation: by making liquidity premia a function of 'global liquidity' rather … to control the dynamics of inflation. …

paribus unitary relationship between inflation and money growth. Simulations of a New Keynesian model suggest that we should … allowance needed for the phase shift in the relationship between monetary growth rates and inflation. While financial innovation … can obscure the relationship between monetary growth and inflation, evidence of a money growth/inflation relationship does …

evidence for a long-run relationship between money growth and inflation. (Here I give particular attention to the implications … arguments for assigning an important role to tracking the growth of monetary aggregates when making decisions about monetary … policy. First, I consider whether ignoring money means returning to the conceptual framework that allowed the high inflation …

evidence for a long­run relationship between money growth and inflation. (Here I give particular attention to the implications … arguments for assigning an important role to tracking the growth of monetary aggregates when making decisions about monetary … policy. First, I consider whether ignoring money means returning to the conceptual framework that allowed the high inflation …