Has the macroeconomic policy "regime" changed in the United States in the last few years? If so, has t h s change had an effect on macroeconomic relationships, and, in particular, on the relationshp between inflation and unemployment? These two questions have been on the minds of most macroeconomists since the October 1979 switch from interest rates to reserves as an intermediate target for the...

Inflationary cosmologies, regarded as dynamical systems, have rather simple asymptotic behavior, insofar as the cosmic baldness principle holds. Nevertheless, in the early stages of an inflationary process, the dynamical behavior may be very complex. In this paper, we show how even a simple inflationary scenario, based on Linde’s “chaotic inflation” proposal, manifests nontrivial dynamical effe...

We study the low frequency comovements in unemployment, inflation and the federal funds rate in the U.S. From 1970 through 1979 all three series trended up together; after 1979 they all trended down. The conventional explanation for the buildup of inflation in the 1970s is that the Fed reacted to an increase in the natural rate of unemployment by conducting an overly passive monetary policy. We...

inflation has always been an economic problem and different solutions have been proposed to control it. although it is said that “higher output lowers inflation rate” but it is true when other factors are constant. this study searches the answer to the following question: “what is the effect of inflation rate and output in a case that inflation rate and output growth has a volatility trend?” to...

iran’s economy has experienced an average inflation rate of 18.77 percent during the period of 1979-2010. many economists believe that the budget deficits are one of the main determinants of the chronic and relatively high inflation. this paper investigates the relationship between budget deficits and inflation. dynamics of iran’s monetary sector, based on the three cointegration relations i.e....

health price inflation rate is different from increasing in health expenditures. health expenditures contain both quantity and prices but inflation rate contains prices. this study aimed to determine the factors that affect the inflation rate for health care services (ircpihc) in iran.we used central bank of iran data. we estimated the relationship between the inflation rate and its determinant...

this paper reviews the relationship between inflation rate and minimum wage in iran’s economy over the 1969-2005. according to the economic literature, there is a narrow relationship between inflation rate and minimum wage. some economists believe in increased inflation due to minimum wage. the other group of economists considers the increased inflation as a cause for increasing minimum wage. t...

This paper studies the long run welfare costs of inflation in a micro-founded model with trading frictions and costly liquidity management. Agents face uninsurable idiosyncratic uncertainty regarding trading opportunities in a decentralized goods market and must pay a fixed cost to re-balance their liquidity holdings in a centralized liquidity market. By endogenizing the participation decision ...

Evidence on the portfolio holdings and transaction patterns of households suggests that the burden of inflation is not evenly distributed. We build a monetary growth model consistent with key features of cross-sectional household data and use this framework to study the distributional impact of inflation. At the aggregate level, our model economy behaves similar to standard monetary growth mode...

The majority of models of inflation in string theory predict an absence of measurable gravitational waves, r << 10−3. The most promising proposals for making string theoretic models that yield measurable tensor fluctuations involve axion fields with slightly broken shift symmetry. We consider such models in detail, with a particular focus on the N-flation scenario and on axion valley/natural in...