The theoretical literature provides straightforward answers to
questions of the general form: what are the long-run effects on inflation
at home and abroad of a sustained increase in monetary growth
at home? It is less informative, however, about questions of the kind:
what are the long-run effects on monetary growth and inflation at home
and abroad of a sustained increase in the gap between public purchases
of home output and net explicit taxes on home incomes?
Building on the work of...[Show more]
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