The lack of inflation in 2020 despite the fastest money growth rates since World War II at first seems puzzling for anyone believing that still matters. monetary expansion merely offset effects declining velocity and reduced spending associated with lockdowns, however, making scale both appropriate justified. subsequent uptick 2021 accelerated 2022 was caused not by rapid but rather Federal Res...

‎we obtain the asymptotic expansion of the sequence with general term $frac{a_n}{g_n}$‎, ‎where $a_n$ and $g_n$ are the arithmetic and geometric means of the numbers $d(1),d(2),dots,d(n)$‎, ‎with $d(n)$ denoting the number of positive divisors of $n$‎. ‎also‎, ‎we obtain some explicit bounds concerning $g_n$ and $frac{a_n}{g_n}$.

Gain and loss modulation of different aspects of executive functions (EF) has been studied under changing conditions. However, the nature of this effect varies in different EF tasks, as both gain and loss were found to improve performance in specific EF tasks while hindering performance in others. The current study examines the influence of gain and loss stimuli on arithmetic performance. Since...

The authors evaluated mechanistic and metacognitive accounts of age differences in strategy transitions during skill acquisition. Old and young participants were trained on a task involving a shift from performing a novel arithmetic algorithm to responding via associative recognition of equation-solution pairings. The strategy shift was manipulated by task instructions that either (a) equally f...

The fiscal position of many countries is worrying – and getting worse. Should formally independent central bankers be concerned about observed fiscal excesses spilling over to monetary policy and jeopardizing price stability? To provide some insights, this paper tracks the interactions between fiscal and monetary policies in the data across time and space. It makes three main contributions. The...

This paper proposes a theory of the fiscal foundations of inflation based on imperfect knowledge and learning. The theory is similar in spirit to, but distinct from, unpleasant monetarist arithmetic and the fiscal theory of the price level. Because the assumption of imperfect knowledge breaks Ricardian equivalence, details of fiscal policy, such as the average scale and composition of the publi...

What are good inflation targets and by what instrument rules can they be reached? We examine the selection of targets and instruments, in competitive exchange economies with lifecycle consumers facing uninsurable idiosyncratic income risks, by a benevolent monetary authority that seeks to eliminate indeterminacy, thicken asset markets, and influence the choices of an impatient fiscal authority....