This chapter reviews the role of temporary price and wage rigidities in explaining of the
dynamic relationship between money, real output, and inflation. The key properties to be …

The new edition of a comprehensive treatment of monetary economics, including the first
extensive coverage of the effective lower bound on nominal interest rates. This textbook …

Most macroeconomic models for monetary policy analysis are approximated around a zero
inflation steady state, but most central banks target an inflation rate of about 2 percent. Many …

Most of the papers in the sticky-price literature are based on a log-linearization around the
zero inflation steady state, a simplifying but counterfactual assumption. This paper shows …

The conventional wisdom that inflation and unemployment are unrelated in the long run
implies the compartmentalization of macroeconomics. While one branch of the literature …

In this paper, we further subject to empirical scrutiny the conclusion of Stock and Watson
(1999) that commodity prices do not improve the traditional Phillips curve-based inflation …

The data across time and countries suggest the level and variance of inflation are highly
correlated. This paper examines the effect of trend inflation on the ability of the monetary …

This paper offers a reappraisal of the inflation–unemployment tradeoff, based on frictional
growth, describing the interplay between nominal frictions and money growth. When the …

Recent literature on structural vector autoregressions has attempted to identify the effects on
the economy of an increase in the stock of money. This work has led to a broad consensus …

In this paper, we provide a general unified framework to clarify the issue of persistence of
real effects of money shocks in staggered wage/price models. We mainly aim to:(i) highlight …