We construct a New Monetarist model with labor market search and identify two channels that affect the long-run relationship between inflation and unemployment. First, in[...]

This paper aims to shed light on the characteristics and particularly the determinants of credit-less recoveries. After documenting some stylised facts of credit-less rec[...]

Inflation distorts an economy through many channels. This paper highlights the interaction between inflation and capital gains tax and their distortions to a small open e[...]

This paper uses a sticky-price dynamic general-equilibrium model to study the role of bank lending as a transmission mechanism of monetary policy shocks and to assess rea[...]

Price selection is a simple, model-free measure of selection in price setting. It exploits comovement between inflation and the level from which adjusting prices departed[...]

We develop a model to explain a puzzling trend in cash demand in recent years: the value of bank notes in circulation as a percentage of GDP has remained stable despite d[...]

We propose a drifting-coefficient model to empirically study the effect of money on output growth in Canada and to examine the role of prevailing financial conditions for[...]

This paper examines the relationship between aggregate consumer spending and credit availability in the United States. The author finds that consumer spending falls (rise[...]

Nous construisons un cadre d'analyse formel pour simuler l'impact de divers chocs économiques sur le ratio du service de la dette des ménages, en utilisant des données d'[...]

The authors introduce new measures of important underlying macroeconomic phenomena that affect the financial side of the economy. These measures are calculated using the [...]