inflation and output dynamics in the United States. In particular, I find that real money balance effects are quantitatively …

notion of credibility of monetary policy through expectations of inflation. The USM features a Phillips curve, an IS curve …, and a function representing the reaction of monetary authorities. Expectations of inflation are centred on the inflation … target. The Phillips curve is specified in terms of the output gap and takes the effects of productivity on inflation into …

This paper analyzes the short-run dynamic process of inflation in Canada and examines whether a systematic variation in … the relationship between inflation and output can be detected over time. In the theoretical literature, different models …