with the cash-in-advance framework. The model predicts that both higher inflation and financial innovation - that reduces … elasticity of money that rises with the inflation rate rather than the constant elasticity found in standard shopping time …. We find cointegration empirical support for the model, with robustness checks and a comparison to a standard …

with the cash-in-advance framework. The model predicts that both higher inflation and financial innovation - that reduces … elasticity of money that rises with the inflation rate rather than the constant elasticity found in standard shopping time …. We find cointegration empirical support for the model, with robustness checks and a comparison to a standard …

with the cash-in-advance framework. The model predicts that both higher inflation and financial innovation - that reduces … elasticity of money that rises with the inflation rate rather than the constant elasticity found in standard shopping time …. We find cointegration empirical support for the model, with robustness checks and a comparison to a standard …

with the cash-in-advance framework. The model predicts that both higher inflation and financial innovation - that reduces … elasticity of money that rises with the inflation rate rather than the constant elasticity found in standard shopping time …

The paper shows how increases in the inflation rate can cause the output growth rate to decrease by a lessor amount as … the inflation rate rises. This is the so-called non-linearity in the inflation-growth effect. Our explanation helps show … how model-based estimates of the inflation-growth effect can be consistent with evidence. The model includes an explicit …

The paper presents the welfare cost of inflation in a banking time economy that models exchange credit through a bank … welfare cost of a 10% inflation rate instead of zero, for comparison to other estimates, as well as the cost of a 2% inflation … rate instead of a zero inflation rate. The zero rate is specified as the US inflation rate target in the 1978 Employment …

The Paper presents a model in which the exogenous money supply causes changes in the inflation rate and the output … growth rate. While inflation and growth rate changes occur simultaneously, the inflation acts as a tax on the return to human … the income velocity of money that can break the otherwise stable relation between money, inflation, and output growth …

The paper presents the welfare cost of inflation in a banking time economy that models exchange credit through a bank … welfare cost of a 10% inflation rate instead of zero, for comparison to other estimates, as well as the cost of a 2% inflation … rate instead of a zero inflation rate. The zero rate is specified as the US inflation rate target in the 1978 Employment …

is found and adjustment to the standard money demand function is made to include the inflation rate as well as the … equilibrium after shocks. This function performs better than an alternative using the exchange rate instead of the inflation rate … suggest the ability to use inflation targeting goals in transition countries during the EU accession process. Finding a stable …