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Money and Inflation: A Taxonomy

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Author Info
Matias Vernengo

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Abstract

This paper reviews the various explanations for inflation and the relation between inflation and money aggregates. Two analytical distinctions are useful to understand different explanations of inflationary processes of all types. First, and more importantly, theories can be seen as cost-push or demand-pull theories of inflation. Second, the distinction between exogenous and endogenous money supply is important for a proper taxonomy of inflation theories. This second analytical cut results from the fact that there is a clear empirical connection between inflation and monetary stock measures. A tentative taxonomy is presented at the end, allowing an evaluation of the dominant view on money and inflation and the main counter points from a heterodox perspective.

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Paper provided by University of Utah, Department of Economics in its series Working Paper Series, Department of Economics, University of Utah with number 2005_14.

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Length: 30 pages
Date of creation: 2005
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Handle: RePEc:uta:papers:2005_14

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Related research
Keywords: Inflation; Macroeconomic Schools;

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Find related papers by JEL classification:
E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Institutional; Evolutionary
E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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  22. repec:fth:diecpo:217 is not listed on IDEAS
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